Business
ATN Reports Second Quarter 2024 Results; Reiterates Full-Year 2024 Outlook
Leveraging “First-to-Fiber” and “Glass & Steel™” Strategic Investments to Deliver Growth in High-Speed Data Subscribers and Network Reach Total high-speed
About this update from Atn International, Inc.
[{"type":"text","content":"Leveraging “First-to-Fiber” and “Glass & Steel™” Strategic Investments to Deliver Growth in High-Speed Data Subscribers and Network Reach Total high-speed broadband subscribers increased by 9%Broadband homes passed by high-speed data services expanded by 22%Capital expenditures were $61.8 million (net of $46.2 million reimbursements) for the first six months of 2024 International Telecom Segment Growth and Cost Management Benefit Q2 2024 Results Second quarter consolidated revenues decreased 2% to $183.3 million, in line with expectationsInternational Telecom segment revenues rose 4% supported by growth in consumer and business fixed revenues, and business mobility revenueUS Telecom segment revenues were down 7% due primarily to conclusion of Emergency Connectivity Fund (ECF) programSecond quarter net income increased to $9.0 million, or $0.50 per diluted share inclusive of a $15.9 million gain on the sale of a non-core assetOperating income increased to $24.3 millionAdjusted EBITDA1 increased 6% to $48.7 million Reaffirms 2024 Outlook The Company reiterated expectations for full-year 2024 with: Revenue in the range of $730 million to $750 million, excluding construction revenueAdjusted EBITDA2 in the range of $190 million to $200 millionCapital Expenditures in the range of $100 million to $110 million, net of reimbursementsNet Debt Ratio3 in the range of 2.25x to 2.50x exiting 2024 Earnings Conference Call Thursday, July 25, 2024, at 10:00 a.m. ET; webcast link: https://edge.media-server.com/mmc/p/x3cd8cb6 BEVERLY, Mass., July 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 June 30, 2024. Remarks by Brad Martin, ATN Chief Executive Officer “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...