The Future is Friendly indeed!As usual Techperson looks in the rear view mirror about the past and also sees the glass half empty!
However, all that matters is what lies ahead - and that is what 2009 was all about - positioning for future growth.
And this of course will be the same game plan with respect to the upcoming labour negotiations and probable lengthy strike.
Telus quarterly profit hit may set up 2010 gains
OTTAWA (Reuters) - Telus Corp posted abig drop in quarterly profit on Friday, ending a year of heavy spendingand restructuring that analysts say positions Canada's No. 2 phonecompany well for 2010.
Telus, which launched a high-speedwireless network in November, more than doubled the amount it spent onrestructuring in the fourth quarter, compared with its year-beforequarter, and shelled out more money for its pension plan.
"2009stacked up to be a year of investment and I think they're going torecoup that going forward," said Troy Crandall, a telecoms analyst atMacDougall, MacDougall & MacTier.
"They reiterated their outlook for 2010, which was nice to see...It's 2010 that counts."
Thecompany expects accelerated wireless data growth and increased demandfor its Internet television service in 2010 as well as C$135 million insavings from its efficiency drive.
Telus also said it seessignificant growth in free cash flow as it shaves C$400 million fromits capital spending budget following the rollout of its wirelessnetwork.
"Telus is like a big boat and it takes time for it toturn around," said Desjardins Securities analyst Maher Yaghi in aninterview.
"We think the turnaround for Telus is only going tohappen really in the second half of 2010 and 2011 - that's when youstart to see the big cash flows coming back and potentially dividendincreases and buybacks."
Telus reiterated its mid-Decemberforecast of revenue of C$9.8 billion to C$10.1 billion in 2010 andearnings per share of C$2.90 to C$3.30. On Friday, it reported 2009revenue of C$9.6 billion and earnings per share of C$3.14.
"I would describe 2009 as a transition year," Chief Financial Officer Robert McFarlane said in an interview.
"We had a record number of concurrent major investments...in order to drive future growth."