By Canadian Press

Telus raises dividend, reports third-quarter profit down from year ago mark

Nov 7, 2019 | 5:17 AM

VANCOUVER — Telus Corp. reported its third-quarter profit slipped lower compared a year ago, but the company raised its quarterly dividend.

The telecommunications firm says it will now pay a quarterly dividend of 58.25 cents per share, up from 56.25 cents per share.

The increased payment to shareholders came as Telus reported net income of $440 million or 72 cents per share for the quarter, down from $447 million or 74 cents per share a year ago.

Operating revenue totalled nearly $3.70 billion, down from $3.77 billion a year ago when the company saw $171 million in one-time equity income related to the sale of Telus Garden.

On an adjusted basis, Telus says it earned 76 cents per share for the quarter, up from an adjusted profit of 74 cents per share a year ago.

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Analysts on average had expected a profit of 75 cents per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 7, 2019.

Companies in this story: (TSX:T)

The Canadian Press