Entwistle to take salary in shares as Telus releases Q1 results

Telus Corp. president and CEO Darren Entwistle said Thursday that he will be taking his salary in shares for the foreseeable future. The announcement came on the same day the western telecom issued its first quarter results for 2024. Entwistle said he was taking the action to show his confidence in the company. The executive, who earns $1.6 million in base salary, did something similar from 2010 to 2015. For part of that time, he relinquished his CEO/president role to serve as executive chairman of the firm. The president boasted that this was the strongest first quarter on record for the company. “Telus’ industry-best growth reflects a consistent potency of our operational execution and our unmatched bundled portfolio offerings across mobile and home,” Entwistle stated. Operating revenues and other income fell 0.6 per cent to $4.93 billion from $4.96 billion in 2023. Operating revenues arising from contracts with customers, a subtotal of the above figure, declined 1.2 per cent to $4.86 billion, down from $4.92 billion a year earlier. Total operating expenses were $4.35 billion, a 0.2 per cent decrease from the previous year’s $4.36 billion. Capital expenditures were up 1.7 per cent to $725 million. It stood at $713 million a year prior. Total telecom subscriber connections were 19.1 million, a jump of 6.8 per cent from 2023’s 17.9 million. Mobile phone net additions were 45,000 in the first quarter of 2024, a decrease of 2,000. Net internet additions were 30,000, a decrease of 5,000. Net TV additions were 19,000 a hike of 10,000. Net security additions were static at 22,000 in Q1. Healthcare lives covered increased seven per cent from 67 million to 71.7 million. Mobile network revenue increased by $49 million, or 2.9 per cent. Mobile equipment and other revenues fell $36 million, or seven per cent. Mobile phone average revenue per user (ARPU) was $59.31, a decline of $1.07, or 1.8 per cent. Mobile churn was 1.13 per cent for Q1 2024 compared to 0.9 per cent in Q1 2023. Fixed data services revenues jumped $31 million, or 2.7 per cent. Fixed voice service revenues declined by 6.8 per cent, or $13 million. Fixed equipment and other service revenues fell $11 million, or 8.6 per cent. Healthcare revenues declined by $3 million or 0.7 per cent. Entwistle told an analyst call that he was hopeful the division would meet its sales targets. Agriculture and consumer goods services decreased by $2 million, or 2.4 per cent. The CEO was confident about growth in the sector. Analyst Aravinda Galappatthige of Canaccord Genuity was restrained in his analysis. “We would characterize the quarter as net neutral due to in-line profitability … and robust sub loading, offset by somewhat lower wireless service revenue growth (2.9 per cent to our 3.3 per cent) and flat returns in health services and ,” he wrote in a morning note. – Reporting by Paul Park at ppark@thewirereport.ca

Entwistle to take salary in shares as Telus releases Q1 results

News | May 9, 2024

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Entwistle to take salary in shares as Telus releases Q1 results

News | May 9, 2024

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