Telus Corp. said Thursday its revenue outlook for this year has been reduced, but it expects to see higher revenue and profits for 2008.

The Vancouver-based telecommunications company said prior to the opening of stock markets that its 2007 revenue is expected to come in between $9.05 billion and $9.1 billion. The company said that range has been cut by $75 million from earlier forecasts.

Telus 3-month TSX chart

Telus said its wireline revenue outlook for this year has been cut by $50 million, to a new range of between $4.8 billion and $4.825 billion. The firm's wireless revenue forecast has been reduced by $25 million to a new range of $4.25 billion to $4.275 billion.

The company said it is targeting 2008 revenue growth of between six and seven per cent — an increase of roughly $550 million to $700 million — and aiming for earnings per share growth next year of seven to 16 per cent.

"Telus continues to execute on all fronts as we continue to grow revenue and earnings and use our robust cash flow to make investments for future growth, while maintaining an orientation to return capital to our investors through continued dividend increases and share repurchases," said Robert McFarlane, the firm's chief financial officer, in a release.

The company recently announced a 20 per cent increase to its quarterly dividend, to 45 cents a share, beginning Jan. 1.

Telus also said Thursday it will renew its plans to repurchase up to 20 million shares, including eight million common shares and 12 million non-voting shares, over the next year.

Shares of Telus slipped 25 cents to end the day at $43.91 on the TSX.