TELUS Corporation announced its unaudited results for the first quarter of 2024, marking a significant milestone in customer growth and financial performance. With a total customer net addition of 209,000, a remarkable increase of 28% compared to the previous year, this quarter showcased TELUS’ steadfast commitment to excellence.
The surge in customer acquisition was powered by various factors, including robust Mobile Phone net additions of 45,000 and a record-breaking first quarter Connected Device net additions of 101,000. Additionally, Fixed customer net additions reached 63,000, fueled by 30,000 internet customer additions, predominantly driven by TELUS’ cutting-edge PureFibre network and bundled services.
TELUS’ industry-leading growth translated into a 2.9% increase in Mobile Network Revenue and a 2.7% rise in Fixed Data Services Revenue. Moreover, Tech Adjusted EBITDA experienced a notable 4.1% growth, accompanied by a substantial margin expansion of 160 basis points, reaching 39.4%.
In line with this exceptional performance, TELUS announced a 7.0% increase in its quarterly dividend, marking the twenty-sixth consecutive increase since May 2011. This reflects TELUS’ unwavering dedication to delivering superior value to its shareholders, supported by strong Adjusted EBITDA growth and robust annual free cash flow expansion.
Looking ahead, TELUS reiterated its 2024 Financial Targets, projecting Operating Revenues and Adjusted EBITDA growth of 2 to 4% and 5.5 to 7.5%, respectively. Additionally, Consolidated Capital Expenditures are expected to be approximately $2.6 billion, with Free Cash Flow estimated at around $2.3 billion.
Darren Entwistle, President and CEO of TELUS, expressed pride in the company’s achievements, emphasizing their strategic focus on margin accretive customer growth and leading broadband networks. He highlighted the team’s dedication to delivering superior service offerings and digital capabilities, ensuring extensive socio-economic benefits for Canadians.
Doug French, Executive Vice-president and CFO, commended the team’s performance amidst a competitive environment, citing healthy operational and financial results. Despite revenue pressures, TELUS delivered robust Adjusted EBITDA growth and consolidated margin expansion, reflecting a relentless focus on efficiency and effectiveness.
Furthermore, TELUS reinforced its commitment to sustainability, issuing its sixth sustainability-linked bond (SLB) and affirming its position as a global leader in ESG. With a leading growth profile and a robust balance sheet, TELUS remains steadfast in executing its growth strategy and delivering meaningful shareholder returns while maintaining a strong commitment to sustainability and community engagement.
