Atn International, Inc. ( (ATNI) ) has realeased its Q3 earnings. Here is a breakdown of the information Atn International, Inc. presented to its investors.
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ATN International, Inc., headquartered in Beverly, Massachusetts, is a provider of digital infrastructure and communications services, focusing on rural and remote markets in the U.S. and internationally, including the Caribbean region. The company offers advanced wireless and wireline connectivity and carrier and enterprise communications services.
In its third-quarter 2024 earnings report, ATN International highlighted its strategic initiatives, ‘First-to-Fiber’ and ‘Glass & Steel’ strategies, which contributed to a year-over-year increase in high-speed data subscribers and network reach. However, the company faced challenges in the U.S. Telecom segment, which impacted overall revenues.
Key financial performance metrics included a 6% increase in total high-speed broadband subscribers and a 20% expansion in broadband homes passed. Despite these operational gains, consolidated revenues were down 7% year-over-year to $178.5 million, primarily due to the conclusion of government subsidy programs in the U.S. Telecom segment. The company reported a net loss of $32.7 million for the quarter, influenced by a $35.3 million non-cash goodwill impairment charge. Adjusted EBITDA decreased by 5% to $45.7 million.
The international segment showed resilience with growth in fixed revenues and business mobility revenues, offsetting declines in consumer mobility due to competitive pressures. ATN’s strategic focus on cost management and margin expansion is evident as they adjust their full-year 2024 outlook, lowering revenue and adjusted EBITDA expectations while maintaining capital expenditure projections.
Looking ahead, ATN International remains committed to enhancing cash flows and delivering value for shareholders by leveraging its upgraded network and focusing on strategic growth areas. The company plans to continue aligning its cost structure with current revenue levels to improve margins and generate cash flow.
