By Canadian Press

Telus wireless additions beat estimates, tax break pushes up Q2 profit

Aug 2, 2019 | 6:33 AM

VANCOUVER — Telus Corp. had a $517-million net profit attributable to common shareholders for the second quarter, which included growth in wireless subscriptions that beat analyst estimates.

The Vancouver-based telecommunications company says the year-over-year increase included favourable income-tax related items.

Net profit was equal to 86 cents per share, up from $390 million, or 66 cents per share in last year’s second quarter.

Excluding tax and other items, adjusted net income was essentially flat at $416 million or 69 cents per share, which was below estimates.

Revenue advanced 4.2 per cent to nearly $3.6 billion from $3.45 billion, in line with estimates.

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However, Telus handily beat analyst estimates for subscriber additions by adding 82,000 mobile phone users and 72,000 connected devices, which includes its “internet of things” business.

Canaccord Genuity said the beat was largely due to extended distribution channels, demographic shifts, and promotional activity. 

The firm had estimated Telus would add just 55,000 mobile phone subscribers, while RBC Capital Markets estimated it would add 49,000 net mobile phone subscribers, plus 45,000 net additions to other connected devices. 

Companies in this story: (TSX:T)

The Canadian Press