By Canadian Press

Telus sees strong operating revenue and adjusted EBITDA growth in 2022

Feb 10, 2022 | 8:28 AM

VANCOUVER — Telus Corp. unveiled positive guidance for 2022,with operating revenue and adjusted EBITDA forecast to grow between 8 to 10 per cent. 

This guidance comes as the telecommunications company reported that fourth-quarter profit more than doubled compared with a year earlier, following the sale of its financial solutions business to Dye & Durham Ltd. in December for $500 million. 

“The Telus team’s ability to consistently drive profitable growth over the long-term, on the back of our differentiated asset base, world-leading networks and unique growth drivers, provides us with confidence in delivering on the annual targets for 2022 that we have announced today,” said Telus CEO Darren Entwistle in the company’s earnings release.

Earlier Thursday, Telus reported net income attributable to common shares totaling $644 million or 47 cents per share for the quarter ended Dec. 31, up from $260 million or 20 cents per share a year earlier.

Operating revenue and other income, including the gain on the sale of the financial solutions business, totalled $4.87 billion for the quarter, up from $4.06 billion in the fourth quarter of 2020.

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On an adjusted basis, Telus said it earned 23 cents per share, up from 22 cents per share a year earlier.

Analysts on average had expected an adjusted profit of 26 cents per share, according to financial markets data firm Refinitiv.

Telus also saw the total number of subscribers grow 5.9 per cent in the fourth quarter compared to the same period in 2020. 

Telus anticipates 2022 capex to be $3.40 billion and reiterated the expectation of a significantly lower capex in 2023 of $2.5 billion or less.

This report by The Canadian Press was first published Feb. 10, 2022.

Companies in this story: (TSX:T)

The Canadian Press