Skip to main content

Telus Corp. reported higher revenue and earnings as it added new wireless customers and raised its dividend payout.

The Vancouver-based telecom company said it added 320,000 customers in the third quarter, including 135,000 mobile phones and 110,000 connected devices, along with additions to its internet, security and television customer base.

Revenue for the quarter reached $4.25-billion, up nearly 7 per cent from the year-earlier quarter, while net income of $358-million, or 25 cents per share, was up from $321-million, or 24 cents a share.

Telus said it raised its quarterly dividend to 32.74 cents, up about 5 per cent over last year, “supported by healthy cash-flow generation.”

Telus’s chief financial officer Doug French said in an interview that parts of the business continue to slowly rebound from the pandemic-induced downturn.

Roaming revenue, for example, has seen a “modest increase” recently, but remains below half of levels seen before the pandemic, he said. “We’ve also seen the business sector start to pick up a little more. However, their propensity to invest is a little bit slower to recover than the consumer side,” Mr. French said.

Telus is “on track” for the ongoing expansion of its networks, including 5G wireless and fibre-optic networks, Mr. French said.

Regarding the possibility of taking its health and agriculture businesses public, Mr. French said, “We’re not in a hurry,” as the company remains focused on “building the right teams and culture.”

“It hasn’t changed the timelines at all for when we might bring in a third party and or go public,” he said, noting that “any time late 2022 beyond would be a realistic timeframe.”

Scotiabank analyst Jeff Fan called it “another solid quarter,” as the company’s wireless business benefited from the reopening of stores and the broader economy. Roaming revenues are expected to be a tailwind in the fourth quarter and into next year, Mr. Fan said in a note to clients.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an error

Editorial code of conduct

Tickers mentioned in this story