Anterix Inc. Reports Second Quarter 2024 Financial Results
Anterix Inc. has released its financial results for the second quarter (Q2) of fiscal year 2024, ending September 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $1.6 million | $1.1 million | +47% | $1.75 million |
| Earnings Per Share (EPS) | -$0.69 | $0.11 | N/A | -$0.59 |
Analysis: Anterix reported a 47% year-over-year increase in total revenue, reaching $1.6 million. However, earnings per share were below consensus expectations, impacted primarily by an increased net loss due to higher expenses and a reduction in gains from the disposal of intangible assets.
Revenue Breakdown by Segments
| Segment | Q2 2024 Revenue | Commentary |
|---|---|---|
| Spectrum Revenue | $1.6 million | Revenue growth primarily due to new contracts with Xcel Energy and Evergy. |
Segment Analysis: The Spectrum segment showed significant revenue growth. However, detailed guidance comparisons were not provided, suggesting potential fluctuations in segment performance.
Key Developments and Operational Highlights
- Entered a $102.5 million license agreement with Oncor Electric Delivery Company LLC to deploy a private wireless broadband network.
- Continued progress with Xcel Energy, recognizing $0.8 million of spectrum revenue in Q2 2024.
Management Commentary
Scott Lang, newly appointed as President and Chief Executive Officer as of November 1, 2024, highlighted ongoing efforts to bolster business operations, with major focus on customer satisfaction and infrastructure deployment. The company foresees strong future demand for broadband spectrum across utility sectors.
Dividends and Share Repurchase Program
- No dividends were announced.
- The 2023 Share Repurchase Program is authorized up to $250 million, with $234 million remaining. The repurchase plan had limited activity in Q2 2024.
Forward Guidance
The company did not provide specific forward guidance.
Stock Price Movement
Post-release, Anterix stock experienced a decline of approximately 0.86%.
In conclusion, while Anterix faces short-term earnings challenges, it demonstrates considerable progress with new projects and maintains potential for sustained revenue growth driven by demand in its core market segments.
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