Telus closed out 2024 on a high note, reporting a $320 million profit in the fourth quarter, a 3.2% increase from the previous year. The telecom giant also added 328,000 new customers, driven by strong demand for its wireless and internet services, revealed today in its Q4 earnings report.
The telecom saw 70,000 new mobile phone customers and 194,000 connected device additions, showing continued strength in its mobility business. On the home internet side, the company gained 37,000 new customers, bringing total fixed-line additions to 64,000 for the quarter.
“In the fourth quarter, our team’s relentless pursuit of operational excellence continued to differentiate the Telus organization, driving significant customer growth and robust financial results,” said Darren Entwistle, President and CEO, in a statement. “Through our premier asset portfolio and unwavering commitment to cost efficiency, we delivered strong profitable growth to close out 2024 – momentum we intend to build upon in 2025.”
For the full year, Telus added over 1.2 million new subscribers across its mobility and fixed services, marking the third straight year it surpassed the 1 million net additions milestone.
Telus reported $5.4 billion in revenue for Q4, up 3.5% year-over-year. Its adjusted EBITDA grew 7% to $1.8 billion, driven by cost efficiencies, real estate sales, and continued growth in its health and agriculture businesses.
Looking ahead, Telus is forecasting 2025 revenue growth of 2-4%, with adjusted EBITDA expected to rise 3-5%. The company also plans $2.5 billion in capital expenditures for network expansion and digital transformation efforts.
Telus maintained its strong customer retention, with postpaid mobile churn at just 0.99% for the full year, marking 11 consecutive years below 1%. Entwistle highlighted the company’s commitment to bundled services and network leadership as key factors behind its continued growth.
Shares of Telus today are up 3.3% on the news, and year-to-date the stock is up 9.7%, but down 7% over the past year. The company recently offered a buyout to 700 employees as part of cost-cutting measures.
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Telus prices go up.
Profits go up.
Any connection between the two?