Telus dials in profit
Telus Corp. (TSX:T) reported a higher first-quarter profit of $377 million, driven by growth in wireless, TV and Internet services.
That amounted to 61 cents per share, up four per cent from $366 million, or 56 cents per share, a year ago.
Revenue was up five per cent to $2.9 billion compared with $2.75 billion in the same quarter of 2013.
The telecommunications company also raised its quarterly dividend by two cents to 38 cents per share.
Analysts' estimates for revenue were $2.87 billion on net earnings per share of 61 cents, according to data compiled by Thomson Reuters.
Telus said it added 48,000 net postpaid subscribers, usually smartphone customers on two-year contracts, in the quarter, down 18.6 per cent from 59,000 in the same quarter last year.
Wireless network revenues increased by 5.3 per cent to $1.44 billion in the first quarter of 2014, compared to the same period a year ago.
Revenues in its wireline division, which includes TV, Internet and phone services, increased 4.4 per cent to $1.34 billion year-over-year.
Telus said net TV subscribers of 27,000 were lower by 7,000 from the same quarter last year. The total TV subscriber base of 842,000 increased by 130,000 or 18 per cent from a year ago.
High-speed Internet net additions of 21,000 increased by 5,000 over the same quarter a year ago. The high-speed subscriber base of 1.4 million is up 74,000 or 5.5 per cent from a year ago.
"Telus delivered strong revenue and profitable growth in the first quarter driven once again by strong results from both our wireless and wireline operations," chief executive Darren Entwistle said in a news release on Thursday.
Entwistle is stepping down as chief executive of Telus on Thursday when the company holds its shareholder meeting in Vancouver.
He will be replaced by chief commercial officer Joe Natale.
Comments on this story are pre-moderated. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.
Read more Business News
- 102nd birthday boat cruiseKelowna - 5:00 pm
- Fundraising effort with a twistKelowna - 5:00 pm
- Burning pole cuts powerWest Kelowna - 3:12 pm
- Search on for missing manWest Kelowna - 4:00 pm
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.24||0.00|
|Copper Mountain Mining||2.91||-0.05|
|Sunrise Resources Ltd||0.025||0.00|
|Mission Ready Services||0.25||+0.01|
There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...
Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...
Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...