Business
ATN Reports First Quarter 2024 Results; Revises Full Year 2024 Outlook
“First-to-Fiber” and “Glass & Steel™” Strategies Drive Continued Year-Over-Year Growth in High-Speed Data Subscribers and Network Reach First quarter revenues
About this update from Atn International, Inc.
[{"type":"text","content":"“First-to-Fiber” and “Glass & Steel™” Strategies Drive Continued Year-Over-Year Growth in High-Speed Data Subscribers and Network Reach First quarter revenues increased 1% to $186.8 millionTotal high-speed broadband subscribers increased by 12%Broadband homes passed by high-speed data services expanded by 28%Capital expenditures were $36.0 million (net of $13.5 million reimbursements) First Quarter Results Impacted by Delays in Certain US Segment Carrier Services Projects and Lower Domestic Business Revenues First quarter net loss increased to $(6.3) million, or a $(0.50) loss per share, including restructuring expenses of $1.2 millionOperating income increased to $4.6 millionAdjusted EBITDA1 decreased 3% to $43.5 million Revises 2024 Outlook Revenue for the full year 2024 is now expected to be in the range of $730 million to $750 million, excluding construction revenueAdjusted EBITDA2 for the full year 2024 is now expected to be in the range of $190 million to $200 millionCapital Expenditures for the full year 2024 are now expected to be in the range of $100 million to $110 million, net of reimbursementsNet Debt Ratio3 is now expected to be in the range of 2.25x to 2.50x exiting 2024 Earnings Conference Call Thursday, April 25, 2024, at 10:00 a.m. ET; web participant link:https://edge.media-server.com/mmc/p/b2afayou/ BEVERLY, Mass., April 24, 2024 (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the quarter ended March 31, 2024. Remarks by Brad Martin, ATN Chief Executive Officer“The ATN team continues to execute on our First-to-Fiber and Glass & Steel™ strategies to expand our fiber-rich digital infrastructure and next generation fixed wireless capabilities. While we saw growth in our operational metrics year-over-year, our first quarter financial results were below our expectations. In the International Telecom segment, we saw revenue and Adjusted EBITDA growth of 3%, respectively, reflecting the growth in our high-speed broadband subscribers. This growth was offset by a 2% decline in US Telecom revenues and a 9% decline in Adjusted EBITDA for the segment. The US Telecom results reflect delays in major carrier services projects and weaker than expected business revenues. “We are re...