CIBC FCF beat! Reiterates full-year Guidance and DIV!Q2 First Look: FCF Beat On Lower Capex, Revenue And EBITDA Roughly In Line Our Conclusion BCE reported revenue 1% below the Street and adj. EBITDA 1% above. FCF of $1.1B was well ahead of consensus at $848 million, driven by capex of $978 million vs. the Street at $1,012 million and the delta due to working capital. The company reiterated its full-year guidance and dividend. Wireless net adds were above the Street, driven by higher-than-expected prepaid nets, while wireline net adds were slightly below the Street. ARPU was slightly below consensus and down 1.9% Y/Y. Postpaid churn was higher than expected at 1.18% versus the Street at 1.09% amid a competitive quarter. We will be looking for management commentary on the levers to grow FCF and updated thoughts on the competitive environment ahead of back-to-school on the call at 8 a.m. ET.
GLTA