Frontier Communications (FTR) Reports In-Line Q3 Revenues

Frontier Communications (NASDAQ: FTR) reported Q3 revenue for the quarter came in at $2.13 billion versus the consensus estimate of $2.13 billion.

Total revenue of $2.13 billion
Net loss of $426 million principally driven by goodwill impairment
Adjusted EBITDA1 of $878 million, reflecting continued strong expense management
Substantial expansion of transformation initiatives occurred in the third quarter, and will continue to accelerate through 2019

NORWALK, Conn.--(BUSINESS WIRE)-- Frontier Communications Corporation (NASDAQ: FTR) today reported financial results for the third quarter ended September 30, 2018.

“I am pleased with our progress and trends as we enter the fourth quarter,” said Dan McCarthy, President and CEO. “Achievement of third quarter Adjusted EBITDA of $878 million illustrates our ongoing discipline in managing costs as we were successful in largely offsetting the impact of revenue declines and incurred expenses related to the launch of our new branding. We have made continued progress in our Consumer business which we expect should manifest itself in an improved revenue trend in the fourth quarter.”

“We anticipate that our transformation program will begin to yield benefits over the course of 2019,” Dan McCarthy continued. “We are currently engaged in a broad range of initiatives that target improvements in customer experience, churn, and operational efficiency. We are also introducing new products, such as our new SD-WAN offering in our Commercial business, and enhancing existing products, such as expanding availability of Gigabit broadband service across our fiber footprint. We remain confident in achieving the $500 million EBITDA benefit target of our transformation program by year-end 2020. We fully expect that this will improve our cash flow trends, strengthen our balance sheet, and contribute to shareholder value.”

For earnings history and earnings-related data on Frontier Communications (FTR) click here.

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