Though Frontier Communications Corp. posted a decline in revenue for the second quarter, the telecommunications firm managed to meet analysts’ estimates.
Frontier earned $37.7 million or 4 cents a share, compared with a net loss of $38.5 million, or 4 cents a share, in the second quarter of 2013. Excluding expenses and other items, adjusted net income totaled $53.7 million, or a nickel a share.
Revenue declined to $1.15 billion from $1.19 billion a year ago. Operating income in the second quarter was $224 million, compared with $266 million in 2013.
The firm reported its earnings after the market closed Tuesday. Analysts expected the company to earn a nickel a share on revenues of $1.15 billion.
“Frontier further improved our revenue trajectory with sequential growth in residential customer revenue and revenue stability in the small, medium and enterprise portion of the business,” said Maggie Wilderotter, Frontier chairman and CEO in a statement. “This was the sixth consecutive quarter of strong broadband net additions and our broadband market share expanded in 82 percent of all markets during the first half of this year.”
The company’s capital expenditures for Frontier business operations reached $125.5 million for the second quarter and $260.6 million for the first quarter. A year ago, capital expenditures were $137.5 million for the second quarter.
“It is gratifying to see our continued progress toward our long-term objectives of revenue growth, delivering strong free cash flow and maintaining a very attractive dividend payout ratio,” Wilderotter said in a statement.
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Frontier reports slight drop in Q2 revenue
Rochester Business Journal
August 6, 2014