Millicom International Cellular Sa ( (TIGO) ) has released its Q3 earnings. Here is a breakdown of the information Millicom International Cellular Sa presented to its investors.
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Millicom International Cellular S.A. (NASDAQ U.S.: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America, offering a range of digital services under the TIGO and TIGO Business brands, with a strong presence in mobile financial services and digital entertainment.
The recent earnings report for Q3 2024 indicates a positive trajectory for Millicom, with a slight increase in revenue and significant improvements in key profitability metrics, suggesting robust operational performance.
In Q3 2024, Millicom’s revenue reached $1.43 billion, marking a 0.5% increase year-over-year, driven by a 1.8% rise in service revenue. Operating profit saw a substantial increase of 43.1%, reaching $300 million, while EBITDA grew by 9.8% to $585 million. The company also reported a net income of $51 million, translating to $0.30 per share, and a notable rise in equity free cash flow to $271 million from $100 million in the same quarter of the previous year.
Millicom’s strategic focus remains on accelerating service revenue growth and achieving equity free cash flow growth, alongside completing initiatives in Costa Rica and Colombia, and advancing the tower disposal in Central America. The company is targeting an EFCF of around $650 million for 2024, reflecting strong cash flow generation and leveraging efficiencies.
Looking forward, Millicom is poised to continue its growth trajectory, with management emphasizing the acceleration of service revenue and strategic milestones, supported by ongoing efficiency programs and a robust cash flow generation strategy.
