Economy

BCE says profit jumped to $770 million in latest quarter

BCE accounts for about 1.8% of Miller Howard Investments Inc. Co's holdings in BCE were worth $9,950,000 as of its most recent SEC filing. FMR LLC lifted its stake in shares of BCE by 13.5% in the 2nd quarter. Camarda Financial Advisors LLC now owns 2,964 shares of the utilities provider's stock valued at $133,000 after buying an additional 16 shares during the last quarter. The firm owned 212,417 shares of the utilities provider's stock after buying an additional 3,790 shares during the quarter.

BCE (NYSE:BCE) is up 1.5% in USA trading following Q3 earnings where it surpassed expectation on wireless subs, helping drive revenues that grew 5% and beat analyst estimates. BCE had a return on equity of 21.08% and a net margin of 12.85%. BCE's quarterly revenue was up 6.7% on a year-over-year basis. The company provided EPS guidance of CAD3.30-3.40 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.36.

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"It was our best postpaid performance in the past five years", BCE chief executive George Cope said on a call with investors, adding that the rate of customer turnover decreased while average revenue per user (ARPU) grew by 3 per cent to $69.78 per month. BidaskClub raised BCE from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 26th. Finally, Argus assumed coverage on BCE in a report on Tuesday, July 18th. It's a satisfying win for BCE as the previous contract holder was the company's biggest rival Rogers Communications Inc.

The company shares were up 1.8 percent at C$60.54 in morning trading. Finally, Barclays PLC upped their price objective on shares of BCE from $47.00 to $51.00 and gave the company an "overweight" rating in a research note on Friday, August 4th. The stock now has an average rating of Hold and a consensus price target of $56.83.

BCE Inc. attracted more wireless, television and Internet customers in the third quarter, boosted by a strong market for mobile subscribers as well as heavy promotion of its residential services as it invests in upgraded fibre-optic networks.



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