Telus Reports Strong Q3 Growth and Dividend Boost

Telus Corporation, a leading Canadian telecommunications company, has reported robust operational and financial results for the third quarter of 2024. The company's strong performance was driven by industry-leading customer growth, margin expansion, and a significant dividend boost, reflecting its commitment to sustainable profitable growth and shareholder value.
Telus' industry-leading total mobile and fixed customer growth of 347,000 was fueled by strong demand for its leading portfolio of services across Mobility and Fixed. The company added 130,000 mobile phone customers and 159,000 connected devices, while maintaining a low postpaid mobile phone churn rate of 0.90%. Telus' fixed customer net additions of 58,000, including 34,000 internet customer additions, were driven by its leading TELUS PureFibre network and premier portfolio of bundled services across Mobile and Home.

The company's TTech Operating Revenue and Adjusted EBITDA growth of 1.9% and 5.6%, respectively, alongside a strong margin expansion of 110 basis points to 39%, reflected a lower cost-to-serve and focus on driving higher margin per user. Gains from copper and real estate monetization, along with continued double-digit momentum in health services EBITDA contribution growth, further contributed to Telus' robust financial performance.

Telus' strong financial performance translated into a significant dividend boost for shareholders. The company increased its quarterly dividend by 7.0% to $0.4023, representing a dividend yield of approximately 7.7%. This dividend growth is a testament to Telus' ability to deliver sustainable profitable growth, anchored by its strategic emphasis on margin-accretive customer expansion, globally leading broadband networks, and a customer-centric culture.
Telus' focus on cost efficiency and effectiveness, coupled with its strategic emphasis on margin-accretive customer expansion, has driven its impressive financial performance and dividend growth. The company's leading broadband networks and customer-centric culture have contributed to its robust customer growth and low churn rates, further solidifying its position as a reliable income-generating investment.
In conclusion, Telus' strong Q3 growth and dividend boost signal a robust financial performance, with potential long-term implications. The company's commitment to sustainable growth and shareholder value, driven by margin expansion, copper and real estate monetization, and health services EBITDA contribution growth, positions it well for continued success. As Telus continues to invest in its broadband networks and health services, it is well-positioned to capitalize on growth opportunities and maintain its strong financial performance.