Out on the glorious west-coast of Canada, Telus have revised and announced their 2009 targets. The new numbers reflect earnings per share to grow by up to 10% in 2009. Wirelesssales are also now forecast to increase 8 to 10% in 2009.
In a statement, Telus CFO Robert McFarlane commented:
We are tergeting earnings per share excluding tax adjustments to grow by up to 10 per cent next year…The 2009 targets announced today reflect an overall trend of building on strength. A combination of Telus’ strong balance sheed and cash flow generation continues to allow the company to return significant capital to its shareholders, including, a fifth consecutive increase in the dividend, as well as the substantial reinvestment of capital into the business. This internal investment enables us to exploit our large exposure to the growing Canadian wireless business and broadband wireline opportunities, including business growth in Central Canada, all of which ultimately drive rewarding and profitable future growth and value creation.
Ok Bob… gotcha. The company is growing, dropping more money back into the business… and you’re expanding… wait… are you?
Further down in the press release that I read, there was an interesting line:
For 2009 target purposes, a number of assumptions were made including…approximately $50 to $75 million restructuring and workforce reduction expenses.
Looks like Telus will be trimming down their workforce to run lean and mean during the economic downturn… That is, unless I’m reading that wrong. While things haven’t been hit nearly as hard up here in Canada, this could be a pro-active move to nip things in the bud before they get too bad… Run lean, continue to return positive results for the shareholders, and ride out the economic situation.
For more info and a whole whack of forecast numbers, click here.
[MobileSyrup via Newswire.ca]