Liberty Latin America Ltd. announced its financial and operating results for the third quarter ended September 30, 2024, reporting consolidated revenue of $1,089 million, a 3% decrease year-over-year. Adjusted OIBDA for the quarter was $403 million, representing a 6% rebased decline compared to the prior year. The company also reported an operating loss of $380 million, a significant shift from the $163 million operating income in Q3 2023.
The company's Puerto Rico segment faced challenges, with churn from the AT&T business migration being higher than anticipated, leading management to withdraw its expectation of achieving a monthly Adjusted OIBDA of $45 million by year-end. Despite this, Adjusted OIBDA in Puerto Rico grew sequentially in the third quarter. Overall, Liberty Latin America reported organic customer losses of 18,900 and fixed RGU losses of 11,300, while mobile subscribers saw organic gains of 9,400.
On a positive note, the C&W credit silo successfully completed a $1 billion debt refinancing during the quarter. The company also highlighted its nearly 50% ownership in WOW, an FTTH business in Peru that passes 3 million homes. Furthermore, Liberty Latin America announced a submarine expansion project with two strategic partners, connecting Colombia, Panama, Mexico, and the USA, including a new landing station in Florida, aimed at strong traffic growth from hyperscalers.
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