Telus Clocks 163K Customer Additions in Q1, Sees Strong Topline Growth

Telus Corp (NYSE: TU) reported first-quarter FY23 operating revenues and other income growth of 15.9% year-on-year to C$4.96 billion.
Total telecom subscriber connections grew 7.3% Y/Y to 18.2 million.
It made 163,000 new customer net additions in the quarter, up 15,000 over last year, including 47,000 mobile phones, 58,000 connected devices, 35,000 internet, 22,000 security, and 9,000 TV customer connections. The mobile phone churn was 0.88%.
Adjusted basic EPS was C$0.27, down by 10% Y/Y.
Adjusted EBITDA increased by 10.7% Y/Y to C$1.78 billion.
The company generated C$761 million in operating cash flow and C$535 million in free cash flow.
Dividend: The board raised the quarterly dividend by 7.4% to C$0.3636 per share.
Outlook: Telus reiterated FY23 revenue of C$2.97 billion - C$3.03 billion and adjusted EPS of C$1.20 - C$1.25.
Price Action: TU shares traded lower by 0.81% at $20.87 on the last check Thursday.

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