By Canadian Press

Telus Q1 profit drops to $353 million as acquisition-related items increase

May 7, 2020 | 5:31 AM

VANCOUVER — Telus Corp. reported its first-quarter profit fell 19 per cent from a year ago, as investments in its networks and an increase in acquisition-related accounting expenses more than offset growth in earnings from its business.

The Vancouver-based company says it earned $353 million or 28 cents per share for the quarter ended March 31, down from $437 million or 36 cents per share in last year’s first quarter.

Operating revenue rose by 5.4 per cent to $3.69 billion from nearly $3.51 billion.

Telus said its adjusted earnings for the quarter fell to 32 cents per share from 38 cents per share a year ago.

Analysts had estimated Telus would have 35 cents per share of adjusted earnings with nearly $3.68 billion of revenue, according to financial markets data firm Refinitiv.

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Telus says it’s maintaining its quarterly dividend at 29.125 cents per share, but withdrawing its financial guidance for 2020 because of uncertainty caused by the COVID-19 pandemic.

This report by The Canadian Press was first published May 7, 2020.

Companies in this story: (TSX:T)

The Canadian Press