07:42 AM EDT, 05/09/2024 (MT Newswires) -- TELUS ( TU ) on Thursday reported a small increase in adjusted net income for the first quarter.

The communications technology company booked adjusted net earnings of $390 million, up 1.0% from $386 million in the year-ago quarter. Adjusted earnings per share edged down to $0.26 from $0.27.

Operating revenues and other income slipped to $4.93 billion from $4.96 billion while adjusted EBITDA rose 4.3% to $1.86 billion.

"In the first quarter, our team once again delivered against our differentiated growth strategy, leveraging our superior asset portfolio, consistent execution track record and proactive cost efficiency initiatives to deliver industry-leading customer additions and solid financial results against the backdrop of a dynamic operating environment," President and CEO Darren Entwistle said.

The board declared a quarterly dividend of $0.3891 per share, a 7% increase from the previous year. The dividend is payable July 2 to holders of record at the close of business on June 10.

TELUS ( TU ) reiterated its financial targets for 2024, including adjusted EBITDA growth of 5.5% to 7.5%, consolidated capital expenditures of about $2.6 billion and free cash flow of about $2.3 billion.