Telus Corp (TSE:T) reported double-digit growth in profits and revenues in its second quarter. The Canadian telecom company reported 89,000 net additions of mobile customers and 50,000 fixed customers.
Operating revenues came in at C$4.1 billion for the quarter ended June 30, up 10.3% from C$3.7 billion in the prior-year quarter. EBITDA increased 6.8% to C$1.45 billion, while Adjusted EBITDA increased 9.5% to C$1.5 billion.
Net income attributable to common shareholders was C$335 million (C$0.25 per share) in the second quarter of 2021, an increase of 15.5% from C$290 million (C$0.23 per share) in the same quarter last year.
Excluding some items, Telus’ earnings came in at C$0.26 per share in Q2 2021, up from C$0.25 per share in Q2 2020.
Additionally, average billing per unit (ABPU) was C$69.44 in the second quarter of 2021, up C$0.13 or 0.2%.
Commenting on the results, Telus’ President and CEO Darren Entwistle said, “TELUS’ continued execution excellence, realized against the backdrop of the ongoing global pandemic, was characterized by the consistent combination of industry-leading and profitable customer growth, yielding strong financial results across our business as evidenced by 10 per cent consolidated revenue and EBITDA growth.” (See Telus Corp stock charts on TipRanks)
On July 31, Canaccord Genuity analyst Aravinda Galappatthige reiterated a Buy rating on the stock with a C$31.00 price target. This implies 11.9% upside potential.
Overall, consensus on the Street is that Telus is a Strong Buy based on 6 Buys and 1 Hold. The average Telus price target of C$29.99 implies an upside potential of about 8.3% to current levels.
TipRanks’ Smart Score
Telus scores a 7 out of 10 on the TipRanks Smart Score rating system, indicating that the stock returns should be in line with the overall market.
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