Frontier Communications (FTR) Updates Outlook; Sees Q3 adj.-EBITDA at ~$1B
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Frontier Communications (NASDAQ: FTR) disclosed the following on Wednesday:
Frontier’s President and CEO, Daniel J. McCarthy, will be providing the following updated information in his presentation on September 21, 2016 at the Goldman Sachs 25th Annual Communacopia Conference in New York, N.Y. All information in Item 7.01 of this Form 8-K is furnished but not filed.
- Frontier anticipates adjusted EBITDA1 of approximately $1 billion for the third quarter of 2016.
- Frontier anticipates that its adjusted EBITDA in the fourth quarter will increase sequentially.
- Frontier reaffirms its expectation that adjusted EBITDA for 2017 will exceed $4 billion.
- Frontier now forecasts achieving $400 million in run rate expense reductions over the next three years, which is an increase from the $250 million forecast in the August 1, 2016 earnings announcement.
- Frontier anticipates achieving $250 million of expense reductions by mid-year 2017. In addition, Frontier anticipates achieving the remaining $150 million in expense savings by mid-year-2019.
1 Adjusted EBITDA is a non-GAAP measure of performance. Adjusted EBITDA is defined as EBITDA, as defined below, adjusted to exclude acquisition and integration costs, and non-cash pension/OPEB costs. EBITDA is defined as net income (loss) less income tax expense (benefit), investment and other income, interest expense and depreciation and amortization. See Exhibit 99.2 to Frontier’s third Form 8-K filed on August 1, 2016, for a fuller discussion of these non-GAAP measures, their purposes, and reconciliation to the most directly-comparable GAAP measure.
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