ATN International reports Q2 EPS 50c vs (3c) last year

Reports Q2 revenue $183.3M, consensus $182.389M. Reports adjusted EBITDA increased to $48.7M in the second quarter of 2024 from $45.8M in the year-ago quarter due to lower operating expenses, which more than offset the decrease in revenue. “We are making progress in our efforts to leverage our investments to deliver top line growth while improving operating efficiency. Our second quarter performance is driving the business toward that goal as we increased consolidated Adjusted EBITDA by 6%, delivered International Telecom segment top-line and Adjusted EBITDA growth, and benefited from our cost management efforts. Our US Telecom segment’s performance was in line with our expectations, reflecting the impact of the expiration of the ECF program, as previously signaled.” “We continue to enhance the performance and longevity of ATN’s network and improve the quality of our revenue streams through the execution of our First-to-Fiber and Glass & Steel strategies. In the second quarter, we grew homes passed by high-speed broadband and had a healthy conversion of subscribers to our high-value high-speed broadband networks. In mobility, we continue to convert our mobility subscriber base to higher margin pre-paid and post-paid plans, expand data usage, and increase business subscribers.” “Looking ahead, we are reiterating our fiscal year 2024 outlook based on our first half performance and the progress we are making executing to our plan. As we near the end of our three-year strategy, we are focusing on maximizing the investments in our upgraded network assets while supporting further expansion at more normalized capex levels supplemented by U.S. government funded infrastructure programs. We believe that our high-speed network expansion and ongoing focus on margin improvement provides a solid foundation for driving strong, sustainable recurring revenues, durable free cash flow, and enhanced shareholder value over the long-term.”