Telus drops outlook as Q3 revenue, profit fall

VANCOUVER – Telus lowered its 2009 guidance to investors after reporting a drop in revenue and profit for its third quarter ended September 30, 2009.Net income dipped 2% to $280 million which included favourable income tax-related adjustments related to prior years' tax matters. Excluding income tax-related adjustments, net income dropped by 7%.Operating revenue was $2.4 billion, a decrease of $39 million from last year. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 5% primarily due to lower revenues, higher defined benefit pension plan expenses, and higher restructuring costs from ongoing operating efficiency initiatives.The company said that its...