Telus edges higher after Q1 beat, dividend hike

Telus (TU +0.7%) has used its Q1 report to announce it's hiking its quarterly dividend by C$0.02/share to C$0.38/share ($0.342/share). The dividend implies a forward yield of 3.7%.

Q1 wireless revenue rose 5.3% Y/Y to $1.44B, and external wireline revenue rose by 4.4% to $1.34B. Telus added 48K wireless postpaid subs, but lost 36K prepaid subs; the total wireless base is at 7.8M. TV subs grew by 27K to 842K, and broadband subs by 21K to 1.4M. Network access lines fell by 24K to 3.23M (local loop disconnections).

Blended wireless ARPU was $61.24, down 1% Q/Q but up 2% Y/Y. Blended churn fell by 9 bps Y/Y to 1.39%, and 78% of wireless subs now use smartphones.

Free cash flow fell by 18.7% Y/Y to $291M, thanks in part to a 6.2% increase in capex to $496M.

Q1 results, PR

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