Telus Q2 2022: Record Wireless Subscriber Growth, Profits Up 45% to $498 Million

Telus today announced its financial results for the second quarter ended June 30, 2022.

The national telecom operator reported consolidated operating revenues of $4.4 billion, up 7.1% year-over-year from Q2 2021.

Across all of its segments, Telus reported a net income of $498 million, up a whopping 45% year-over-year. Adjusted EBITDA was up 8.9% to $1.622 billion, while earnings per share grew 36% to $0.34.

Telus reported 93,000 net new mobile subscribers, the provider’s best second-quarter result for network additions since 2011. Total customer additions across all segments for Q2 stood at 247,000, another second-quarter record.

In comparison, fellow telecom giant Rogers Communications reported net new mobile phone subscriptions of 122,000 for the same period. Bell Canada on Thursday reported 110,761 net new postpaid and prepaid mobile phone subscribers for Q2 2022, an increase of 139.5% from Q2 2021.

Mobile network revenue grew by $97 million (or 6.4%) year-over-year. Meanwhile, revenue from wireless network equipment and other services was down by $42 million (or 8.4%).

Telus’s mobile subscription churn rate for Q2 was 0.64%, unchanged from the previous year and still the best in the industry.

“In the second quarter, the Telus team once again demonstrated continued execution excellence, characterized by the consistent combination of industry-leading customer growth, resulting in strong operational and financial results across our business,” said company President and CEO Darren Entwistle.

“Our consistently strong operating and financial performance is buttressed by our highly engaged team who are passionate about delivering superior service offerings and digital capabilities over our world-leading wireless and PureFibre broadband networks.”

Entwistle touted that Telus was once again named the fastest internet service provider in Canada by PCMag during Q2.

“These strong financial and operating results are powered by our leading customers first culture along with a longstanding focus on operational efficiency and effectiveness,” said Doug French, Executive Vice President and CFO at Telus.

“During the second quarter, we continued to execute against our accelerated capital expenditure program, now in the final year before capital expenditures decline significantly beginning in 2023 to an anticipated annual run-rate of approximately $2.5 billion.”

Telus’s Board of Directors has declared a quarterly dividend of $0.3386 per share on all of the company’s issued and outstanding common shares, payable on October 3, 2022.