Frontier Communications Reports Wider Losses Than Expected in Q3, Yet Surpasses Revenue Expectations

DALLAS - Frontier Communications Parent, Inc. (NASDAQ: FYBR) announced its third-quarter results for 2024. The company fell short of earnings expectations but surpassed revenue forecasts. Following the announcement, shares remained flat.

The telecommunications company reported a loss of $0.33 per share, exceeding analysts' expectations of a loss of $0.19 per share. Revenue came in at $1.49 billion, beating the consensus estimate of $1.46 billion.

Frontier added 108,000 fiber broadband customers during the third quarter, increasing its total fiber broadband customer base to 2.3 million, representing a 19.3% increase compared to the same period last year. The company expanded its fiber network to reach a total of 7.6 million locations, an increase of 381,000 from the previous quarter.

Consumer fiber broadband revenue rose 21.8% year-over-year to $414 million, driven by an increase in customer count and average revenue per user (ARPU). Consumer fiber broadband ARPU increased by 1.4% year-over-year to $65.40.

Nick Jeffery, President and CEO of Frontier, stated, "Our third-quarter results reflect the continued momentum of our fiber expansion strategy. We added over 100,000 new fiber broadband customers for the fifth consecutive quarter while achieving strong revenue and ARPU growth."

Frontier reiterated its full-year adjusted EBITDA guidance of $2.11-2.16 billion and capital expenditures forecast of $2.8-3.0 billion.