VANCOUVER – Telus Corporation today announced its first quarter 2022 results, reporting $4.3 billion in consolidated operating revenues and other income – an increase of 6.4% compared to the same period in 2021.
Adjusted EBITDA for the quarter increased 7% to $1.6 billion and net income increased 21% to $404 million.
Mobile network revenue for the quarter increased by 4.9% compared to the same quarter last year “due to growth in mobile phones and connected device subscriber base over the past 12 months, in addition to higher mobile phone ARPU,” the press release says.
Mobile equipment and other service revenues were reported to have declined by 7%, “reflecting lower mobile handset upgrade volumes as a result of changes in customer preferences to hold onto devices for longer periods of time,” the release explains. “This was partly offset by the impacts of higher-value smartphones in the sales mix.”
Fixed data services revenues for the quarter increased by $52 million, fixed voice services revenues decreased by $14 million and fixed equipment and other services revenues increased by $6 million.
Telus reported 148,000 net customer additions in Q1 2022, an increase of 3,000 over 2021. This is inclusive of 46,000 mobile phones (increase of 15,000) and 46,000 connected devices (decrease of 17,000), in addition to 30,000 internet (decrease of 3,000), 26,000 security (increase of 9,000) and 10,000 TV customer connections (decrease of 1,000). Residential voice net losses were reported to be 10,000 for Q1 2022 (unchanged from Q1 2021).
Telus also reported that at the end of Q1 2022, its pure fibre network covered around 2.8 million premises, which is up from over 2.5 million at the end of Q1 2021.
“Our team once again achieved strong operational and financial results in the first quarter of 2022,” said Darren Entwistle, president and CEO of Telus, in the press release. “Our robust performance reflects the effectiveness of our globally leading customer-centric culture and broadband networks, which enabled record first quarter total customer net additions of 148,000.”
“Our first quarter results reflect a strong start to 2022, as we enter the final year of our accelerated capital expenditure program,” added Doug French, Telus’ executive vice-president and CFO.
“Building on the momentum established over the past several years, our results demonstrate our team’s ability to successfully deliver strong operating and financial growth, including delivering industry-leading consolidated revenue growth on a consistent basis over the last 12, 24 and 36 months.”
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