TELUS Corp. (TU: Quote,T.TO: Quote, T_A.TO) posted first quarter net income of C$348 million versus C$328 million last year. Earnings per share were C$1.06, up from C$1.00 in the same quarter last year.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of C$1.04 per share. Analysts' estimates typically exclude special items.
Operating revenues were up to C$2.62 billion from C$2.51 billion in the prior-year quarter. Analysts expected revenues of C$2.65 billion.
The increase in revenue was generated by nearly six per cent growth in wireless revenue and two per cent growth in wireline revenue, both driven by strong data growth.
Darren Entwistle, TELUS President and CEO said, "TELUS continues to build upon our company's operational momentum as we delivered the most TV, high speed Internet and wireless client net additions, the highest wireless ARPU and the lowest wireless churn amongst our Canadian telco and cableco peer group. This led to strong results, with wireline data revenue growth of 13 per cent and wireless data revenue growth of 36 per cent. Consolidated financial results were driven by outstanding wireless revenue and margin enhancement...
..We continue to be relentless in identifying opportunities for appropriate cost reduction and based on the increased initiatives in the pipeline, we now expect 2012 restructuring expenses to double to $50 million from the previous estimate. Despite this change, the full year 2012 wireline profitability target range remains achievable and accordingly, we re-affirm our existing full year consolidated annual targets."
For the full year 2012, Telus still expects earnings in the range of C$3.75 to C$4.15 per share and consolidated revenue growth over 2011 of between 4 and 6.5 percent. Analysts expect the company to earn C$3.98 per share, on revenues of C$10.86 billion.
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by RTT Staff Writer
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