ATN International reports Q3 EPS 9c, consensus 0c
Reports Q3 revenue $115.6M, consensus $115.76M. CEO Michael Prior says: "Our third quarter performance reflects both continued organic growth in our International Telecom businesses and the improved performance of our US Telecom segment. While reported revenues and operating income declined year-on-year, adjusting for non-recurring items included in the year-ago quarter, consolidated recurring revenue increased at a mid-single digit rate, driving even higher year-on-year growth in Adjusted EBITDA. We continued to achieve positive operating results in our International Telecom segment, where we are benefitting from leadership positions in key markets and the network investments made in the past several years to expand fiber coverage and data capacity. Additionally, the steady recovery of our U.S. Virgin Islands business is evident as more hotels and residential housing units come back online in the market, and we take back market share. Adjusting for non-recurring items that were included in the year-ago quarter, our International Telecom segment revenue increased 6%, and we anticipate continued year-on-year revenue growth for the segment in the fourth quarter. More important, quarterly results for this segment again showed a significant improvement in free cash flow compared to 2018 levels."