Telus reported its third quarter earnings for its 2024 fiscal year today, showing solid growth in new customers and increased revenue.
The company gained 347,000 new customers across mobile, internet, TV, and security services, driven by demand for their range of services.
Telus added 130,000 mobile phone connections and 159,000 connected devices this quarter. They also gained 34,000 new internet customers, along with 21,000 new TV subscribers and 12,000 security system users.
The company’s mobile phone average revenue per user was $58.85, a decrease of $2.09 or 3.4 per cent from a year ago period. This was blamed on customers signing up for lower priced plans, while also there was a drop in roaming and overage fees.
“In the third quarter, our team’s dedication to operational excellence led to industry-leading customer growth and robust financial results, harnessing our premier asset portfolio and focused commitment to cost efficiency and effectiveness,” said Darren Entwistle, President and CEO, in a statement.
“Our results demonstrate our ability to deliver sustainable profitable growth, anchored by our strategic emphasis on margin-accretive customer expansion, globally leading broadband networks, and a customer-centric culture,” added Entwistle.
These gains brought their total telecom subscriber base to nearly 19.8 million, an increase of 6.4% from last year. Internet connections grew by 5.1%, while their security customer base rose by 7.5%. However, Telus did lose around 9,000 landline (residential voice) customers.
Financially, Telus saw a 1.8% increase in operating revenue, reaching $5.1 billion, largely due to gains in mobile, internet, and other service areas. Telus reported a jump in net income to $257 million—an 87.6% increase from the previous year’s $137 million. Adjusted earnings per share were up 12% to $0.28. Free cash flow also saw a large boost, increasing by 58% to $561 million.
While Telus increased its quarterly dividend by 7% to $0.4023 per share, they did adjust their 2024 revenue targets, slightly lowering their growth forecast due to reduced revenue from their digital services segment. However, other financial goals remain the same as stated earlier this year.
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Likely too because people have discovered Telus is the easiest to deal with compared to Bell or Rogers. I’ve had all 3 (all at once for a while) and Telus rarely caused me any grief. Rogers was the worst since Ted died and Bell was less worse than Rogers. Now on Starlink for home (rural) internet and Koodo for mobile and this has been almost hassle free now for years. Rogers and Bell just can’t do rural well at all.
I can’t say enough good things about Koodo. Life is too short for all that Rogers and Bell hassles. I don’t miss either of them. I just hope they don’t put dome bean counter at the helm and Rogerfy them.
Telus wins, customers lose. The reason their profits skyrocket is the collusion and lack of competition that CRTC turns a blind eye to.
We're still paying more than most OECD countrues…so im sorry if I'm not going to celebrate Telus having a record quarter.
That's good news! They'll now lower the $70 connection fee… right?… right??