BCE's profit soars to $813M in Q3. A Canadian telecom stock to buy?

2 min read | November 05, 2021 09:04 AM EDT | By Raza Naqvi

BCE's profit soars to $813M in Q3. A Canadian telecom stock to buy? — Image source: © Solarseven | Megapixl.com

BCE Inc. (TSX:BCE) stock's financial performance

Due to the easing of COVID-19 restrictions, Canada's largest telecommunications company saw increased revenues across different sectors in the third quarter of this year.

The wireless service revenue, residential internet revenue and media revenue increased by five per cent, nine per cent, and 14.5%, respectively.

BCE stock and financial performance

In Q3 2021, the net earnings were C$ 813 million, up from C$ 740 million in Q3 2020. Meanwhile, the net earnings attributable to shareholders were C$ 757 million, an increase of 9.4 per cent from the third quarter of the previous year.

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The telecommunications company has announced a quarterly dividend of C$ 0.875 per unit to the shareholders and it will be payable on January 15, 2022.

Bottom line

BCE stock has been on an overall upward trajectory, and it clocked a 52-week high of C$ 67.08 per share on September 13, 2021. The telecommunications stock soared by 18.4 per cent year-to-date (YTD) and during that period, the Toronto Stock Exchange (TSX) 300 Composite Index declined 3.3 per cent.

Mirko Bibic, CEO of BCE has said that the company's target is to improve the results since Q2 2020, as the business experienced the heaviest impacts from the coronavirus pandemic during that period.

In the financial report of the quarter ended September 30, 2021, BCE said that it is on track to meet the financial guidance targets for this year.

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