AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- TELUS adds 347,000 new customers in Q3 2024, marking 6.4% YoY growth.
- Net income surges 88%, with free cash flow up 58%.
- TELUS Health and Agriculture segments see robust growth.
TELUS Corporation (TSX:T) has reported a strong financial performance for the third quarter of 2024, driven by robust customer growth and strategic investments across its business segments. The company added 347,000 new customers to its subscriber base during the quarter, a 6.4% year-over-year (YoY) increase, signaling healthy demand for its broad array of services, including mobile, internet, TV, and connected devices.
Among the 347,000 new customers, TELUS added 13,000 new mobile phone users and saw a significant increase of 159,900 in connected devices. This growth comes as the company continues to expand its services in mobile, broadband, and security offerings, while investing in future-proof technology and infrastructure.
Darren Entwistle, TELUS CEO, highlighted that the company’s financial results reflect its ongoing commitment to customer growth and operational excellence. “We continue to deliver strong financial results, underpinned by our commitment to customer growth, operational excellence, and strategic investments in technology and broadband networks,” said Entwistle. He also expressed confidence in TELUS’s ability to drive sustainable, margin-accretive growth.
TELUS reported consolidated operating revenues of C$5.1 billion, an increase of 1.8% compared to the same period last year. This growth was driven by higher service revenues and the company’s TELUS Technology Solutions (TTech) segment, which saw gains from copper and real estate monetization.
In terms of profitability, TELUS delivered impressive results, with net income surging by 88% to C$257 million. Adjusted net income rose 11% to C$413 million, and adjusted earnings per share (EPS) increased by 12%, reaching C$0.28.
A key highlight of the quarter was the growth in free cash flow, which soared by 58% to C$561 million. This increase was driven by a combination of higher EBITDA and lower capital expenditures. Consolidated EBITDA for the quarter grew by 16% to C$1.8 billion, with adjusted EBITDA also up 1.3% to just over C$1.8 billion. The growth in EBITDA reflects strong performance across TELUS’s core services, including mobile, internet, TV, and security, as well as the continued growth of TELUS Health and TELUS Agriculture.
TELUS Health, the company’s healthcare technology division, reported a 4% increase in revenues, while Adjusted EBITDA for the segment surged by 50%. Virtual care memberships grew by 18%, reaching 6.5 million, and the number of healthcare lives covered increased by 9.2%, bringing the total to 76 million.
Meanwhile, TELUS Agriculture, which provides technology solutions to the agricultural industry, experienced a 20% revenue increase, further bolstering TELUS’s position in the global market for digital agriculture solutions.
As TELUS heads into the final quarter of 2024, the company reaffirmed its full-year financial targets, including its outlook for continued growth in its TTech operating revenue and capital expenditures. The company remains focused on maintaining cost efficiency and driving long-term profitability through its diversified service offerings.
With a solid financial foundation, a growing customer base, and strategic investments across multiple high-growth sectors, TELUS is well-positioned to continue delivering value to its shareholders and customers alike.
