2024-05-02 10:55:32 ET
BCE Inc. (BCE)
Q1 2024 Earnings Conference Call
May 2, 2024, 8:00 AM ET
Company Participants
Thane Fotopoulos - Investor Relations
Mirko Bibic - President and CEO
Curtis Millen - Chief Financial Officer
Conference Call Participants
Tim Casey - BMO Capital Markets
Maher Yaghi - Scotiabank
David Barden - Bank of America
Aravinda Galappatthige - Canaccord Genuity
Stephanie Price - CIBC World Markets
Sebastiano Petti - JPMorgan
Drew McReynolds - RBC Capital Markets
Simon Flannery - Morgan Stanley
Jerome Dubreuil - Desjardins Securities
Presentation
Operator
Good morning, ladies and gentlemen. Welcome to the BCE Q1 2024 Results Conference Call. I would now like to turn the meeting over to Mr. Thane Fotopoulos. Please go ahead, Mr. Fotopoulos.
Thane Fotopoulos
Thank you, Matthew, and good morning, everyone, and thank you for joining our call. I’m here, as usual, with Mirko Bibic, President and CEO of BCE; and our CFO, Curtis Millen. You can find all of our Q1 disclosure documents on the Investor Relations page of the bce.ca website, which we posted earlier this morning.
Before we begin, I want to draw your attention to our Safe Harbor statement on Slide 2, reminding you that today’s slide presentation and remarks made during the call will include forward-looking information, and therefore, are subject to risks and uncertainties. Results could differ materially. We disclaim any obligation to update forward-looking statements, except as required by law. Please refer to BCE’s publicly filed documents for more details on our assumptions and risks.
With that, I turn the call over to Mirko.
Mirko Bibic
Thank you, Thane, and good morning, everyone. So, backed by the Bell team’s consistent execution, leading networks and products and cost discipline, we effectively navigated a dynamic competitive environment and a sluggish economy to achieve operational results in line with our internal plan for the quarter.
And as expected, and as we profiled in our quarterly budget at the start of the year, revenue was down slightly year-over-year. This was the result of a favorable one-time revenue adjustment at Bell Media in Q1 of 2023 that did not repeat this year and some marginal revenue loss at the source as certain stores began their transition to Best Buy Express, which we’ve discussed in the past. Normalizing for these two items, revenue was basically flat this quarter.
Notably, adjusted EBITDA and margin for Q1 were higher than forecasted. BCE’s margin expanded 0.8 percentage points to 42.7%, which demonstrates the team’s focus on driving operational efficiencies across the organization, realigning costs to address near-term competitive and economic pressures, and effectively balancing growth with profitability in a highly competitive marketplace....
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BCE Inc. (BCE) Q1 2024 Earnings Call Transcript