Millicom's Q3 2024 Earnings: Record Cash Flow and Strong Growth

Millicom International Cellular SA (TIGO) reported impressive Q3 2024 earnings, with record cash flow and robust growth across various metrics. The company's strong performance was driven by operational efficiency, strategic initiatives, and a resilient customer base. This article delves into the key highlights of Millicom's Q3 2024 earnings call and explores the factors contributing to its remarkable cash flow generation.

Cash Flow Surge
Millicom's equity free cash flow (EFCF) surged to $271 million in Q3 2024, up from $100 million in the same period last year. This 171% increase reflects the company's solid operational efficiency and strategic cost management. The strong cash flow performance was supported by a 43.1% increase in operating profit and a 9.8% rise in earnings before interest, taxes, depreciation, and amortization (EBITDA).

Customer Growth and Revenue Expansion
Millicom's customer base expanded significantly in Q3 2024, with 299,000 postpaid mobile and 68,000 home FTTH/HFC subscribers added during the quarter. This growth was supported by new commercial initiatives launched in the first half of the year, driving a 1.8% increase in service revenue (2.4% organically). The company's transformation gained momentum in Q3, with solid EFCF sustained alongside the customer growth.

Strategic Initiatives and Financial Flexibility
Millicom's CEO, Marcelo Benitez, highlighted the company's transformation efforts, emphasizing strong cash flow generation and customer growth driven by new commercial initiatives. The company raised its EFCF target for 2024 to around $650 million, up from a prior estimate of over $600 million, reflecting its strong performance in the first nine months of the year. With a leverage ratio decreasing to 2.59x, Millicom is showing improved financial flexibility, enhancing its capability for future investments and shareholder returns.


Millicom's impressive Q3 2024 earnings demonstrate the company's ability to generate strong cash flow and drive growth in a challenging market. The combination of operational efficiency, strategic initiatives, and a resilient customer base has positioned Millicom as a leading telecommunications provider in Latin America. As the company continues to execute on its strategic plans and drive operational excellence, investors should view its current trajectory with cautious optimism.