VANCOUVER — Telus Corp. says its net income attributable to common shares came in at $228 million in its second quarter, 14 per cent higher compared with the same time last year.
The telecommunications company says earnings per diluted share for the quarter ended June 30 was 15 cents compared with 14 cents a year earlier.
It reported adjusted net income was $366 million, up 34.1 per cent year-over-year from $273 million in the same quarter last year.
Operating revenue and other income for the quarter was $4.97 billion, up 0.6 per cent from the previous year.
Telus says it added 332,000 net new customers, up 13 per cent compared with last year, which included 101,000 mobile phone subscribers and 33,000 internet customers.
The company reported its mobile phone churn rate — a key metric measuring subscribers who cancelled their services — was 1.07 per cent in the second quarter, up from 0.94 per cent in the second quarter of 2023.
Doug French, executive vice-president and chief financial officer, says despite the challenging competitive and macroeconomic environment, the company is executing on its strategic objectives, including significant cost-cutting programs.
Jerome Dubreuil, research analyst at Desjardins, said while the results were in line with expectations, he expects a negative reaction in the market as Telus lowered its free cash flow estimate for the year to $2.1 billion from an original target of $2.3 billion.
This report by The Canadian Press was first published Aug. 2, 2024.
Companies in this story: (TSX:T)