Millicom Reports Q4 2024 Earnings with Strong Outcomes
Millicom is excited to share its fourth quarter 2024 financial results, showcasing remarkable achievements across various metrics. The company's performance emphasizes its commitment to building integrated digital infrastructure in the Latin American telecommunications market.
Impressive Q4 and Full Year Highlights
In Q4 2024, Millicom reported a revenue of $1.43 billion, demonstrating a robust business model that continues to thrive. Furthermore, the company achieved an operating profit of $373 million, while EBITDA reached $618 million. The net income stood at $31 million, reflecting sound management and growth strategies.
Annual Performance Review
For the full year, Millicom achieved a revenue of $5.80 billion, marking a 2.5% increase from the previous year. The operating profit saw a significant increase, totaling $1.34 billion, which translates to an impressive growth of 62.5%. With a net income of $253 million, or $1.47 per share, the company’s financial health appears robust. EBITDA for the year was $2.47 billion, reflecting a healthy 16.9% increase.
Key Growth Metrics
Millicom experienced strong commercial activity during the fourth quarter, with 274,000 new postpaid mobile subscribers and 49,000 additions in home fiber connectivity. This growth demonstrates the effectiveness of their strategic initiatives aimed at expanding service offerings and enhancing customer satisfaction.
Financial Highlights Summary
Here’s a quick summary of the financial highlights for Q4 2024:
- Revenue: $1.43 billion
- Operating Profit: $373 million
- Net Income: $31 million
- EBITDA: $618 million
- Equity Free Cash Flow: $236 million
CEO Commentary and Future Outlook
Marcelo Benitez, Millicom's Chief Executive Officer, enthusiastically remarked, "In 2024, we successfully completed our restructuring program and strengthened the company's financial position. This foundation aims to facilitate our mission to build 'digital highways' and connect communities effectively. Our diligent efforts have resulted in lower leverage and an optimistic outlook, allowing the Board to reinstate shareholder remuneration. I sincerely appreciate the outstanding efforts of the Tigo teams who made this transformation possible."
Strategic Goals for 2025
As Millicom looks ahead, the company has set ambitious targets for 2025, aiming for approximately $750 million in equity free cash flow. This target is rooted in expected efficiency measures and reduced restructuring costs while navigating potential currency fluctuations and legal challenges. Furthermore, the upcoming year emphasizes strategic initiatives, particularly in markets like Costa Rica and Colombia, alongside completing a planned tower divestment.
Upcoming Events and Shareholder Communications
Millicom will conduct a video conference to share insights into their Q4 performance and future plans. The event is scheduled for February 27, 2025, and registration is mandatory for participation. Details for joining will be provided upon registration.
Contact for Investor Relations
For inquiries, stakeholders can reach out to:
Press Contact: Sofía Corral, Communications Director
Email: press@millicom.com
Investor Contact: Michel Morin, VP Investor Relations
Email: investors@millicom.com
About Millicom
Millicom (NASDAQ: TIGO, NASDAQ Stockholm: TIGO_SDB) is a leading telecommunications provider in Latin America. Through its TIGO and Tigo Business brands, Millicom offers a broad range of digital products and services, including mobile financial services and fast internet connections. The company serves over 46 million customers and has a workforce of around 14,000 employees dedicated to enhancing connectivity in the region.
Frequently Asked Questions
What financial results did Millicom report for Q4 2024?
Millicom reported a revenue of $1.43 billion, an operating profit of $373 million, and net income of $31 million.
What was Millicom's EBITDA for the full year 2024?
The company's EBITDA for the full year 2024 reached $2.47 billion, representing a 16.9% increase.
What is Millicom's plan for 2025?
Millicom aims to generate approximately $750 million in equity free cash flow for 2025 while focusing on strategic initiatives in Costa Rica and Colombia.
How many customers does Millicom serve?
Millicom serves over 46 million customers across various mobile and fiber-cable services.
Who can be contacted for investor inquiries at Millicom?
Michel Morin, VP Investor Relations, is the contact for investors. His email is investors@millicom.com.
