May 5, 2010 / 2:21 PM / in 8 years

UPDATE 1-Telus Q1 earnings top estimates, raises div

* Reaffirms 2010 outlook

* Shares up 2 pct

May 5 (Reuters) - Telus Corp (T.TO) reported a first-quarter profit that beat market expectations, helped by cost controls and growth in postpaid wireless connections, and raised its quarterly dividend.

The company, one of Canada’s big three telecoms companies, reaffirmed its 2010 outlook set in mid-December 2009. [nN15218075]

Telus said it earned C$268 million ($261.7 million), or 84 Canadian cents a basic share, in the first quarter. That compared with C$322 million, or C$1.01 a basic share, in the same period a year ago.

Revenue at the Burnaby, British Columbia-based company was flat at C$2.38 billion.

Higher value postpaid net additions increased 48 percent to 65,000, while prepaid subscribers decreased 14,000, the company said.

Total net subscriber additions rose more than 6 percent to 51,000 over the same period a year ago.

Analysts on average had expected earnings of 71 Canadian cents a share, on revenue of C$2.40 billion, according to Thomson Reuters I/B/E/S.

The company, which has 6.6 million wireless subscribers, raised its quarterly dividend by 5 percent to 50 Canadian cents per share.

Shares in Telus were up 89 Canadian cents at C$38.42 on the Toronto Stock Exchange on Wednesday. The stock is up 11 percent year to date and 28 percent over the last year.

$1=1.024 Canadian Dollar Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal

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