- TELUS (TSX:T) reports a 1.8 per cent increase in Q3 operating revenues, reaching C$5.1 billion, driven by growth in mobile network, internet, TV, security, and health services.
- TELUS added 347,000 new customers in Q3, including 130,000 mobile phone subscribers and 159,000 connected devices, boosting its total subscriber base by 6.4 per cent year-over-year.
- Free cash flow surged 58 per cent to $561 million, supported by higher EBITDA and reduced capital expenditures
- Shares of TELUS are up 3.90 per cent to $21.84 as of 11:00 a.m. ET
TELUS Corporation (TSX: T) has reported its Q3 2024 financials, highlighting it had added 347,000 new customers to its subscriber base.
The company stated in a press release the additional customers include 13,000 mobile phone users and 159,900 connected devices, increasing its total subscriber base by 6.4 per cent year-over-year.
“We continue to deliver strong financial results, underpinned by our commitment to customer growth, operational excellence, and strategic investments in technology and broadband networks,” Darren Entwistle, CEO of TELUS, said in a statement. “We are confident in our ability to drive sustainable, margin-accretive growth, and we remain focused on executing our long-term strategy.”
Key Financial Highlights:
- Revenue Growth: TELUS reported consolidated operating revenues of C$5.1 billion, a 1.8 per cent increase year-over-year, driven by higher service revenue and gains from copper and real estate monetization in its TELUS Technology Solutions (TTech) segment.
- Profitability: Net income for the quarter surged 88 per cent to $257 million, while adjusted net income rose by 11 per cent to $413 million. Adjusted basic earnings per share (EPS) increased by 12 per cent to $0.28.
- Free Cash Flow: The company generated free cash flow of $561 million, a 58 per cent increase compared to the same period last year, reflecting higher EBITDA and lower capital expenditures.
- EBITDA: Consolidated EBITDA grew by 16% to $1.8 billion, with adjusted EBITDA increasing 1.3% to more than $1.8 billion, driven by strong performance in mobile, internet, TV, and security services, along with gains from TELUS Health and Agriculture.
In terms of its TELUS Health segment, it reported a 4 per cent revenue increase, with a 50 per cent growth in Adjusted EBITDA. The company’s virtual care members rose 18 per cent to 6.5 million, and healthcare lives covered grew 9.2 per cent to 76 million.
Meanwhile TELUS Agriculture saw a 20 per centincrease in revenue, further strengthening its position in the global market.
As the year draws to a close, TELUS has also reaffirmed its full-year 2024 financial targets for TTech operating revenue growth and capital expenditures while maintaining its focus on cost efficiency and driving long-term profitability.
TELUS offers a broad portfolio of technology solutions, encompassing mobile and fixed voice and data services, healthcare software and technology, and digitally-driven customer experiences. Its data services include internet protocol, television, hosting, managed IT and cloud-based solutions, as well as home and business security.
The TELUS Technology Solutions segment covers network revenues, equipment sales from mobile technologies, data services, healthcare technology solutions, and services for agriculture and consumer goods, along with voice and other telecommunications services.
Shares of TELUS are up 3.90 per cent to $21.84 as of 11:00 a.m. ET
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