The parent of Bell Canada saw its net profit fall nearly 70 per cent from the same period last year due to the pandemic’s impact on economic activity and customer demand but said Thursday that it’s well-positioned to withstand the headwinds.
Mirko Bibic, president and CEO of Bell and its parent BCE Inc., told analysts that the companies have generated substantial cash flow with no near-term debt payments — giving it the financial flexibility to maintain its dividend and capital spending.
“Although we don’t expect to return to pre-COVID operating performance in the near term, Q3 is anticipated to show a marked improvement. We remain very confident in the underlying long-term fundamentals and performance of BCE,” Bibic said.
“In the midst of COVID, we’ve made meaningful progress in advancing our strategic priorities so as to generate continued operating momentum in the near-term and ultimately emerge from the crisis in an even stronger competitive position.”
BCE Inc. reported earlier Thursday that its net income attributable to common shareholders dropped to $237 million for the three months ended June 30, from $761 million a year earlier.
That amounted to 26 cents per share of net earnings, down from 85 cents per share in last year’s second quarter.
The decline included a $452 million non-cash impairment charge to reflect the current value of Bell Media’s television and radio assets.
Revenue slips
Adjusted earnings per share, which exclude some expenses, fell 32.3 per cent to 63 cents year over year — below analyst estimates compiled by financial markets data firm Refinitiv.
Revenue was also slightly below analyst estimates at $5.35 billion, down 9.1 per cent from $5.89 billion a year earlier.
Analysts had estimated BCE Inc. would have 69 cents per share of adjusted earnings with nearly $5.37 billion of revenue, according to Refinitiv.
Montreal-based BCE — owner of Canada’s largest telecommunications and media businesses — does business under a vast array of brands including Bell, Bell Mobility, Virgin Mobile, Lucky Mobile, CTV, TSN, and The Source retail chain.
Its national competitors in wireless are Rogers Communications Inc. (owner of the Rogers, Fido and Chatr brand) and Telus (Telus, Koodo, Public Mobile).
On the wireless front, Bell and its publicly traded competitors all say they’d faced severe COVID-ralated challenges during March, April and May — when many parts of Canada restricted or closed retail outlets to limit the spread of COVID-19.
Store closures
The retail closures limited the carriers’ ability to sell new phones and services but, because the problem was so widespread, consumers generally weren’t changing providers either. That resulted in record low churn rates in many cases.
Analyst Drew McReynolds of RBC Dominion Securities said in a research note Thursday ahead of BCE’s conference call that Bell’s wireless revenue and EBITDA (earnings before interest, taxes and other expenses) were down less than he expected.
Canaccord Genuity analyst Aravinda Galappatthige noted Bell’s wireless service revenue were down 6.3 per cent, which was more than his estimate, but post-paid subscriber additions were ahead of estimates at 21,600.
In terms of residential and business telecom services delivered by land lines — including internet, television and phone — there was also very low customer turnover reported even though some customers fell behind of their payments due to COVID’s economic impact.
BCE chief financial officer Glenn Leblanc told analysts Thursday that the company’s COVID-related expenses during the quarter included $36 million of provisions for bad customer debts.
The relocation of call-centre agents to work from home, the purchase of personal protective equipment and increased sanitation and cleaning expenses brought total COVID direct costs to $85 million, including the incremental bad debt provisions, he said..
Apart from BCE’s reduced earnings from its own operations, it received reduced income from its part ownership in Maple Leaf Sports and Entertainment (owner of Toronto’s major league hockey and basketball teams).
Despite these declines, Leblanc said BCE’s free cash flow — which is after servicing current debt — increased by 50 per cent compared with a year earlier to $1.6 billion, in part because of reduced capital spending during the initial stages of COVID.
“Construction activity has now ramped up considerably,” Leblanc said.
Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.
In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.
Your level of interest in the company and the role.
Contributing to your employer’s success is essential.
You desire a cultural fit.
Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:
“What are the key responsibilities of this position?”
Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”
“What does a typical day look like?”
Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.
“How would you describe the company culture?”
Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”
Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.
“What opportunities are there for professional development?”
When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.
Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.
Here are my four go-to questions—I have many more—to accomplish this:
“Describe your management style. How will you manage me?”
This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.
“What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”
This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”
“When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”
Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.
“If I wanted to sell you on an idea or suggestion, what do you need to know?”
Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.
Other questions I’ve asked:
“What keeps you up at night?”
“If you were to leave this company, who would follow?”
“How do you handle an employee making a mistake?”
“If you were to give a Ted Talk, what topic would you talk about?”
“What are three highly valued skills at [company] that I should master to advance?”
“What are the informal expectations of the role?”
“What is one misconception people have about you [or the company]?”
Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.
The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.
Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.
Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.
On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.
The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.
Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.
Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.
Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.
On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.
This report by The Canadian Press was first published Oct. 31, 2024.
