BCE Inc. Beats Q3 Earnings Estimates Despite Profit Drop

BCE Inc. reported third-quarter adjusted earnings of 74 Canadian cents per share, exceeding the 70 cents predicted in a Bloomberg survey. The company attributed the performance to investments in artificial intelligence and the FIFA World Cup. Operating revenue rose 2.2 percent to $6.18 billion, up from $6.05 billion in the previous year.

Net earnings for the period ending September 30 fell to between $630 million and $701 million, a sharp decrease from the $4.5 billion to $4.6 billion reported in the same quarter last year. This prior-year figure was significantly inflated by a windfall from the sale of the company's stake in Maple Leaf Sports and Entertainment Ltd.

On an adjusted basis, earnings decreased to 74 cents per share from 79 cents per share a year prior. In a separate strategic move, the company announced an agreement to sell a 49.9 percent stake in a new wireless tower company to the Quebec investment manager La Caisse for $2.45 billion.