ATN International Inc (ATNI) Reports Q3 2023 Results and Provides Preliminary Outlook for 2024
ATNI's Q3 2023 revenue grew by 5% to $191.0 million
The company increased total high-speed subscribers by 20%
ATNI's net loss was $(3.6) million, or a $(0.31) loss per share
Adjusted EBITDA increased by 10% to $47.8 million
ATN International Inc (NASDAQ:ATNI) released its Q3 2023 earnings report on October 26, 2023. The company reported a 5% increase in revenue to $191.0 million and a 20% increase in total high-speed subscribers. However, the company also reported a net loss of $(3.6) million, or a $(0.31) loss per share. Despite this, ATNI's Adjusted EBITDA increased by 10% to $47.8 million.
Financial Performance and Challenges
ATNI's Q3 2023 results show a mixed performance. While the company achieved growth in revenue and high-speed subscribers, it also reported a net loss. The company's operating income increased to $6.8 million, and its Adjusted EBITDA increased by 10% to $47.8 million. However, the company reported a net loss of $(3.6) million, or a $(0.31) loss per share.
Financial Achievements
Despite the net loss, ATNI achieved several financial milestones in Q3 2023. The company grew its revenue by 5% to $191.0 million and increased its total high-speed subscribers by 20%. Additionally, the company expanded its broadband homes passed by high-speed data services by 52%.
Income Statement, Balance Sheet, Cash Flow Statement
ATNI's income statement shows a net loss of $(3.6) million, or a $(0.31) loss per share. However, the company's operating income increased to $6.8 million. The balance sheet shows that the company had total cash, cash equivalents, and restricted cash of $73.1 million as of September 30, 2023. The company's total debt was $498.4 million. The cash flow statement shows that net cash provided by operating activities was $89.5 million for the nine months ended September 30, 2023.
Company's Performance Analysis
ATNI's Q3 2023 results show a mixed performance. While the company achieved growth in revenue and high-speed subscribers, it also reported a net loss. However, the company's operating income and Adjusted EBITDA both increased, indicating that the company is making progress in improving its financial performance.
Other Pertinent Details
ATNI reiterated its 2023 outlook and provided a preliminary outlook for 2024. The company expects its Adjusted EBITDA for the full year 2023 to be in the range of $183 to $193 million. For the full year 2024, the company expects its Adjusted EBITDA to be in the range of $200 to $208 million.
Explore the complete 8-K earnings release (here) from ATN International Inc for further details.
This article first appeared on GuruFocus.
