ATN International reports Q3 EPS (31c), consensus (21c)

Reports Q3 revenue $191M, consensus $190.78M.”We continued to execute on our First-to-Fiber and Glass & Steel(TM) strategies in the third quarter, contributing to solid revenue growth of 5% across the enterprise,” said Michael Prior, Chief Executive Officer of ATN. “Operating income and Adjusted EBITDA also grew in the third quarter, reflecting the positive momentum of the capital investments in our markets, and we remain on track to achieve our 2023 guidance. “In the third quarter, we achieved strong high-speed broadband subscriber growth of 20%. Additionally, our international markets saw a 13% annual increase in mobile subscribers,” Prior said. “Based on strong market tailwinds and our approach to maximizing the long-term value of our capital investments, we are excited about the prospects for growth and free cash flow expansion across ATN’s Caribbean operations. “Domestically, we continue to expand our network reach to high-speed data subscribers and enterprise and government customers. At the same time, we are making progress on rationalizing legacy network and operating costs, with further reductions expected over the coming year. Our team won another $45 million in USDA grants to connect people in remote and rural areas to high-speed Internet, including a partnered project where a tribal entity is the direct award recipient. Grants such as these will fund further fiber network expansion in rural Alaska and the US southwest.