Telus Corporation (TSX:T) posted revenue and earnings growth in 2014’s first quarter compared with the same period last year, the company announced May 8.
Revenue increased 5% to $2.9 billion, and net income grew 4.1% to $377 million. The company reported earnings per share (EPS) of $0.61, which represents an 8.9% increase over last year. When excluding the dilutive effects from Ontario-based Public Mobile, which the telecom giant purchased late last year and is now planning to shut down, EPS was up 10.7% to $0.62.
Outgoing Telus president and CEO Darren Entwistle said the company plans to increase its dividend in the third quarter to $0.38 per share, an 11.8% increase compared with the $0.34 paid in the same period last year.
“This is our seventh dividend increase since announcing our multi-year dividend growth program in May 2011,” Entwistle said.
Overall income growth was driven by increases in both wireless and landline revenue, with jumps of 5.6% and 4.4%, respectively.
May 8 also marks the date of Telus’ annual general meeting and is the official date that Entwistle steps down after 14 years leading the telecom giant. Long-time Telus exec Joe Natale is taking the helm and Entwistle will stay on with the company as executive chairman.
The results come two days after the company announced it is planning to invest $2.8 billion to boost infrastructure across British Columbia.
