Millicom (Tigo) Q3 2024 Earnings Release
Millicom (Tigo) reported strong Q3 2024 results with revenue reaching $1.43 billion, up 0.5%, and service revenue increasing 1.8%. The company showed robust commercial growth with 299,000 Postpaid Mobile and 68,000 Home FTTH/HFC net additions. Operating profit rose 43.1% to $300 million, while EBITDA grew 9.8% to $585 million. Net income reached $51 million ($0.30 per share), and equity free cash flow significantly improved to $271 million from $100 million in Q3 2023. The company has upgraded its 2024 EFCF target to around $650 million, up from the previous target of $600 million.
Millicom (Tigo) ha riportato risultati forti per il terzo trimestre del 2024, con un fatturato che ha raggiunto 1,43 miliardi di dollari, in aumento dello 0,5%, e i ricavi da servizi aumentati dell'1,8%. L'azienda ha mostrato una solida crescita commerciale con 299.000 nuove linee mobili postpagate e 68.000 aggiunte netti nel settore della fibra ottica domestica FTTH/HFC. L'utile operativo è aumentato del 43,1%, arrivando a 300 milioni di dollari, mentre l'EBITDA è cresciuto del 9,8%, raggiungendo 585 milioni di dollari. L'utile netto è stato di 51 milioni di dollari (0,30 dollari per azione), e il flusso di cassa libero per gli azionisti è notevolmente migliorato, raggiungendo 271 milioni di dollari rispetto ai 100 milioni di dollari del terzo trimestre del 2023. L'azienda ha aggiornato il suo obiettivo di flusso di cassa libero per il 2024 a circa 650 milioni di dollari, in aumento rispetto al precedente obiettivo di 600 milioni di dollari.
Millicom (Tigo) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos que alcanzaron 1.43 mil millones de dólares, un aumento del 0.5%, y los ingresos por servicios incrementándose un 1.8%. La empresa mostró un fuerte crecimiento comercial con 299,000 nuevas suscripciones móviles pospago y 68,000 adiciones netas en FTTH/HFC para hogares. Las ganancias operativas aumentaron un 43.1% hasta 300 millones de dólares, mientras que el EBITDA creció un 9.8% hasta 585 millones de dólares. Los ingresos netos alcanzaron 51 millones de dólares (0.30 dólares por acción), y el flujo de caja libre para los accionistas mejoró significativamente, alcanzando 271 millones de dólares desde los 100 millones de dólares en el tercer trimestre de 2023. La empresa ha elevado su objetivo de flujo de caja libre para 2024 a aproximadamente 650 millones de dólares, por encima del objetivo anterior de 600 millones de dólares.
밀리콤 (Tigo)이 2024년 3분기 실적을 발표했으며, 매출은 14억 3천만 달러에 달해 0.5% 증가하였고, 서비스 매출은 1.8% 상승했습니다. 회사는 299,000개의 후불 모바일과 68,000개의 가정용 FTTH/HFC 순 증가로 견고한 상업적 성장을 보여주었습니다. 운영 이익은 43.1% 증가하여 3억 달러에 이르렀고, EBITDA는 9.8% 증가하여 5억 8천5백만 달러에 달했습니다. 순이익은 5천1백만 달러 (주당 0.30달러)에 도달하였고, 주주를 위한 자유 현금 흐름은 2023년 3분기의 1억 달러에서 2억 7천1백만 달러로 크게 개선되었습니다. 회사는 2024년 자유 현금 흐름 목표를 이전의 6억 달러에서 약 6억 5천만 달러로 상향 조정했습니다.
Millicom (Tigo) a rapporté de solides résultats pour le troisième trimestre 2024, avec un chiffre d'affaires atteignant 1,43 milliard de dollars, en hausse de 0,5%, et des revenus de services augmentant de 1,8%. L'entreprise a affiché une forte croissance commerciale avec 299 000 nouveaux abonnés mobiles postpayés et 68 000 ajouts nets dans le secteur de la fibre optique domestique FTTH/HFC. Le bénéfice opérationnel a augmenté de 43,1% pour atteindre 300 millions de dollars, tandis que l'EBITDA a progressé de 9,8% pour s'établir à 585 millions de dollars. Le bénéfice net a atteint 51 millions de dollars (0,30 dollar par action), et le flux de trésorerie libre pour les actionnaires s'est considérablement amélioré, passant de 100 millions de dollars au troisième trimestre 2023 à 271 millions de dollars. L'entreprise a révisé à la hausse son objectif de flux de trésorerie libre pour 2024 à environ 650 millions de dollars, contre un objectif précédent de 600 millions de dollars.
Millicom (Tigo) berichtete starke Ergebnisse für das dritte Quartal 2024, mit Einnahmen von 1,43 Milliarden Dollar, einem Anstieg um 0,5%, und Serviceeinnahmen, die um 1,8% zugenommen haben. Das Unternehmen wies ein robustes kommerzielles Wachstum mit 299.000 neuen Postpaid-Mobilkunden und 68.000 Netzzugängen im Bereich FTTH/HFC für Zuhause auf. Der operative Gewinn stieg um 43,1% auf 300 Millionen Dollar, während das EBITDA um 9,8% auf 585 Millionen Dollar wuchs. Der Nettogewinn erreichte 51 Millionen Dollar (0,30 Dollar pro Aktie), und der Free Cash Flow für die Aktionäre verbesserte sich erheblich von 100 Millionen Dollar im dritten Quartal 2023 auf 271 Millionen Dollar. Das Unternehmen hat sein Ziel für den Free Cash Flow 2024 auf etwa 650 Millionen Dollar angehoben, gegenüber dem vorherigen Ziel von 600 Millionen Dollar.
- Revenue growth of 0.5% to $1.43 billion with service revenue up 1.8%
- Operating profit increased 43.1% to $300 million
- EBITDA grew 9.8% to $585 million
- Equity free cash flow improved significantly to $271 million from $100 million
- Strong customer growth with 299,000 Postpaid Mobile and 68,000 Home net additions
- Leverage reduced to 2.59x from 2.77x in Q2
- Upgraded EFCF guidance for 2024 to $650 million
- Capex decreased 7.4% compared to Q3 2023
Insights
A strong quarter for Millicom with several positive metrics.
The increased EFCF guidance to
The telecom sector performance shows resilience in Latin American markets despite economic challenges. The
Customer growth metrics in both mobile and home segments suggest effective market penetration strategies. The reduction in Capex by
Millicom (Tigo) Q3 2024 Earnings Release
Luxembourg, November 7, 2024 – Millicom is pleased to announce its third quarter 2024 results. Please find below links to the Q3 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Highlights*
- Revenue
$1.43 billion up0.5% - Service Revenue up1.8% (2.4% organically) - Robust commercial activity: 299,000 Postpaid Mobile and 68,000 Home FTTH/HFC net additions
- Operating profit
$300 million , up43.1% - EBITDA
$585 million , up9.8% - Net income
$51 million ($0.30 per share) - Equity free cash flow
$271 million , up from$100 million in Q3 2023 - Leverage 2.59x, down 0.18x from 2.77x at Q2
| Financial highlights ($ millions) | Q3 2024 | Q3 2023 | Change % | Organic % Change | 9M 2024 | 9M 2023 | Change % | Organic % Change |
| Revenue | 1,431 | 1,424 | | | 4,376 | 4,186 | | |
| Operating Profit | 300 | 209 | | 968 | 597 | | ||
| Net Profit / (Loss) | 51 | — | NM | 221 | (19) | NM | ||
| Non-IFRS measures (*) | ||||||||
| Service Revenue | 1,344 | 1,320 | | | 4,082 | 3,875 | | |
| EBITDA | 585 | 533 | | | 1,851 | 1,555 | | |
| Capex | 166 | 180 | (7.4)% | 414 | 547 | (24.4)% | ||
| Operating Cash Flow (OCF) | 419 | 353 | | | 1,437 | 1,008 | | |
| Equity free cash flow (EFCF) | 271 | 100 | NM | 540 | (57) | NM |
*See page 10 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.
Millicom Chief Executive Officer Marcelo Benitez commented:
"Millicom's transformation gained momentum in Q3, with solid equity free cash flow sustained alongside significant customer net additions driven by new commercial initiatives launched in H1. The increase in customer growth during Q3 underscores the resilience of our cash flow generation, enabled by our efficiency programs. As we finalize our 2025 budget, a core focus will be on continued EFCF growth, accelerating service revenue, and advancing strategic milestones—including the completion of our announced initiatives in Costa Rica and Colombia, as well as the tower disposal in Central America.”
2024 Financial Targets
In light of stronger than expected EFCF generation in the first nine months of the year, Millicom now targets EFCF of around
• IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on November 7, 2024, at 15:00 (Stockholm) / 14:00 (London) / 09:00 (Miami).
Registration for the interactive event is required at the following link. After registering, you will receive a confirmation email containing details about joining the video conference. Participants who wish to ask a question during the live event must notify the Investor Relations team via email to investors@millicom.com after the start of the event.
Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 864 7447 9329:
US: +1 929 205 6099 Sweden: +46 850 539 728
UK: +44 330 088 5830 Luxembourg: +352 342 080 9265
Additional international numbers are available at the following link. Accompanying slides and a replay of the event will be available on the Millicom investors website.
For further information, please contact:
| Press: Sofía Corral, Communications Director press@millicom.com | Investors: Michel Morin, VP Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of September 30, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.
Regulatory Statement
This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on November 7, 2024.
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