Telus Corp (NYSE:TU) reported fourth-quarter 2023 operating revenues and other income growth of 2.8% year-over-year to C$5.198 billion ($3.82 billion), missing the consensus of $3.89 billion.
Adjusted EPS was $0.176, beating the consensus of $0.170.
TELUS Health’s business unit reported quarterly revenues of C$432 million, alongside 24% EBITDA growth.
In health services, as of the end of the fourth quarter of 2023, virtual care members were 5.6 million and healthcare lives covered were 69.5 million, up 24% Y/Y and 2.7% Y/Y, respectively. Digital health transactions in the fourth quarter of 2023 were 157.9 million, up 3.7% Y/Y.
TELUS technology solutions (TTech) operating revenues (from customer contracts) grew by 2.6% Y/Y to C$4.44 billion.
Total telecom subscriber connections grew 7.6% Y/Y to 19.34 million.
The company made 404,000 new customer net additions in the quarter, up 34% over last year, including 126,000 mobile phones, 203,000 connected devices, and 36,000 internet connections.
The mobile phone churn rate was 1.40% for the quarter compared to 1.22% in the fourth quarter of 2022.
Adjusted EBITDA increased by 9.4% Y/Y to C$1.85 billion.
The company generated C$1.31 billion in operating cash flow for the quarter, compared to C$1.13 billion a year ago. Free cash flow was C$590 million, and capex was C$533 million.
FY24 Outlook: TELUS technology solutions (TTech) segment projects operating revenue growth of 2% – 4% with adjusted EBITDA growth of 5.5% – 7.5%.
The company projects a free cash flow of C$2.3 billion and a capex of C$2.6 billion.
Price Action:Â TU shares were trading higher by 4.12% at $17.76 on the last check Friday.
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