Telus Corp (NYSE: TU) reported second-quarter FY23 operating revenues and other income growth of 12.8% year-on-year to C$4.93 billion ($3.68 billion), missing the consensus of $3.69 billion.
Total telecom subscriber connections grew 7% Y/Y to 18.5 million.
It made 293,000 new customer net additions in the quarter, up 19% over last year, including 110,000 mobile phones, 124,000 connected devices, and 35,000 internet connections. The mobile phone churn was 0.88%.
Adjusted EPS was C$0.19 ($0.14), down by 40.6% Y/Y missed the consensus of $0.18.
Adjusted EBITDA increased by 5% Y/Y to C$1.70 billion.
The company generated C$1.12 billion in operating cash flow and C$279 million in free cash flow.
Darren Entwistle, President, and CEO said, “Our robust performance in our core telecom business is underpinned by our globally leading broadband networks and customer-centric culture, which enabled our strongest second quarter on record, with total customer net additions of 293,000, up 19 percent, year-over-year, driven by strong demand for our leading portfolio across Mobility and Fixed services.”
Dividend: TELUS declares a C$0.3636 dividend, in line with the prior quarter.
Outlook: Telus expects FY23 operating revenue growth of 9.5%-11.5% (Prior 11%-14%) Vs—$ 15.4 billion consensus.
Price Action: TU shares traded higher by 0.84% at $17.43 on the last check Friday.
