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Canadian Telecoms Log Big Q3 Profits on One-Offs as Core Growth Cools

Companies signal a shift to deleveraging, prioritizing fibre, AI, health after a quarter dominated by nonrecurring gains.

People pass by the Telus offices in Ottawa on Friday, Aug. 4, 2023. Telus Corp. says it is cutting 6,000 jobs. The Vancouver-based telecommunications company says the cut includes 4,000 workers at its main Telus business and another 2,000 at Telus International.THE CANADIAN PRESS/Justin Tang
Bell Canada says it is selling Northwestel Inc. to Sixty North Unity, a consortium of Indigenous communities from the Northwest Territories, Yukon and Nunavut for around $1 billion. The Bell Canada logo is seen Tuesday, June 21, 2016 in Montreal. THE CANADIAN PRESS/Paul Chiasson

Overview

  • Bell (BCE) reported $4.56 billion in net profit, largely from the $5.2 billion MLSE stake sale and contributions from Ziply Fiber, while adjusted earnings rose 6.5% on revenue up 1.3%.
  • Bell’s operating trends weakened, with postpaid phone activations down 65%, total mobile activations off 33%, internet additions halved in Canada, and Bell Media revenue and profit declining.
  • Telus posted $431 million in net income, up 68% on a one-time gain from a July debt repurchase, as adjusted net income fell 10% and total revenue held flat at $5.1 billion.
  • Telus added 82,000 mobile phone subscribers, ARPU fell 2.8% on promotional pricing, internet adds rose to 40,000, dividend growth slowed to 4%, and the company targets lower leverage and expansion in health, which grew 18%.
  • Quebecor’s profit rose to $236.1 million as it added 113,800 mobile subscriptions and 10,500 internet customers, with wireless ARPU down 1.8% on heavier discounts and mix shifts tied to Freedom and Fizz.