Telus Corporation (TSX:T)(NYSE:TU) is often cited as one of the best dividend and growth stocks on the market today. It never fails to impress. Telus released quarterly results recently that reinforced why the company is such a great investment to keep in any portfolio.

Here’s a look at how Telus fared this quarter and why those who aren’t already invested in the company should consider doing so.

Telus’s quarterly results are in

Telus’s quarterly update revealed that revenues were lower than what was expected, but thanks to cost reductions the company managed to post higher-than-expected adjusted net income for the quarter over the same quarter last year.

Telus posted a consolidated revenue gain of 1.5%, coming in at $3.1 billion for the quarter. From a subscriber standpoint, Telus managed to add 61,000 postpaid subscribers to its wireless business in the quarter, which was far greater than expected as analysts expected lighter growth given the weak economy in parts of the country, such as Alberta. The company’s internet and TV subscriber base also increased during the quarter by 18,000 and 13,000 customers, respectively.

Net income for the quarter came in at $416 million, representing a very impressive 22% jump from the $341 million posted for the same quarter last year. In terms of a profit for the quarter, Telus posted $0.70 per share, which was an increase over the $.056 per share in net income.

Average revenue per user also increased during the quarter, representing an impressive 23 straight quarters of growth–up 1.4% to $64.38.

What these results mean for investors

Given the favourable results for the quarter, Telus provided three major updates that investors will be pleased with.

First, the company decided update some of the previously forecasted targets for 2016, raising the lower end of both consolidated revenues and consolidated EBITDA for the year.

The company also announced an increase in capital expenditures for the year of $200 million. That $200 million increase is set to be used this year to upgrade broadband infrastructure that powers the company’s high-speed fibre-optic network. Carriers have started gearing up for the next evolutionary leap that comes in the form of 5G networks and 4K-enabled TV that will require considerably more bandwidth.

Telus also decided to hike its quarterly dividend, which now stands at $0.46 per share, giving the stock a very healthy 4.2% yield.  This latest dividend hike continues a multi-year trend of increases that has seen the dividend shoot up from just $0.136 per share a decade ago to current levels.

Overall, Telus remains one of the better investment options on the market, and investors seeking dividend income as well as growth will not be disappointed by adding the company to any portfolio. Telus is re-investing capital to upgrade the company’s network infrastructure as well as consistently upping the dividend payout and boosting shareholder value.

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Fool contributor Demetris Afxentiou has no position in any stocks mentioned.