Telus Q3 2022: Strongest Quarter on Record, Profits Up 53% to $551 Million

Telus today announced its unaudited financial results for the third quarter ended September 30, 2022.

The national telecom operator reported consolidated operating revenues of $4.64 billion, up 9.3% year-over-year from Q3 2021.

Across all of its segments, Telus reported a net income of $551 million, up a whopping 53.9% from the same period last year. Unadjusted EBITDA was up 10.1% to $1.646 billion, while basic earnings per share (EPS) grew 48% to $0.37.

Telus reported 150,000 net new mobile subscribers for the quarter — up 11% year-over-year and the company’s best quarterly result since the third quarter of 2010. Total customer additions across all segments for Q3 stood at an industry-leading 347,000, representing Telus’s strongest quarter on record.

In comparison, fellow telecom giant Bell Canada on Thursday reported net new mobile phone subscriptions of 224,343 for the same period.

Telus’s mobile network revenue grew by $108 million (or 6.8%) year-over-year. Revenue from wireless network equipment and other services was also up, growing by $22 million (or 4.2%).

Telus’s mobile subscription churn rate for Q3 was 0.95%, a tad higher than 0.90% in the same period last year.

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

“Our robust performance reflects the chemistry of our globally leading broadband networks and customer-centric culture, which enabled our strongest quarter on record, with total customer net additions of 347,000, up more than 8 per cent, year-over-year.”

Entwistle also touted that Telus was once again named the fastest mobile provider in Canada by U.S.-based Ookla.

“Our third quarter results build on our strong operating momentum, reflecting a continuation of our execution excellence and supported by our high growth and diversified asset mix,” said Doug French, Executive Vice President and CFO at Telus.

“As we progress through the final quarter of the year and into 2023, our team remains highly confident of our growth trajectory and long-term strategic plan to further advance our leading growth profile.”

Telus’s Board of Directors has declared an increased quarterly dividend of $0.3511 per share on all of the company’s issued and outstanding common shares, payable on January 3, 2023.