LONDON - IHS Holding Limited (NYSE: IHS) reported second quarter revenue of $435.4 million, beating analyst estimates of $428.4 million. However, the company posted a loss of $0.36 per share, missing expectations for earnings of $0.10 per share.
The telecommunications infrastructure company saw revenue decrease 20.3% year-over-year, primarily due to foreign exchange headwinds from the devaluation of the Nigerian Naira. However, organic revenue growth was 69.3% when excluding currency impacts.
Adjusted EBITDA came in at $250.8 million, down 11.9% from the prior year quarter. The company's Adjusted EBITDA margin improved to 57.6% compared to 52.1% in Q2 2023.
IHS Holding reduced its full year 2024 guidance, now expecting revenue of $1.67-1.70 billion and Adjusted EBITDA of $900-920 million.
"We're reporting solid performance on Revenue, Adjusted EBITDA and ALFCF, while Capex decreased meaningfully," said CEO Sam Darwish. He noted the company is seeing benefits from foreign exchange resets in contracts and a significant step-up in margins from Q1.
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