DALLAS - Frontier Communications (OTC:FTRCQ) Parent, Inc. (NASDAQ: FYBR) reported third quarter 2024 results that missed earnings expectations but beat on revenue.
Shares were trading flat following the announcement.
The telecommunications company posted a loss of $0.33 per share, wider than analysts' estimates for a loss of $0.19 per share. Revenue came in at $1.49 billion, topping the consensus forecast of $1.46 billion.
Frontier added 108,000 fiber broadband customers in Q3, bringing its total fiber broadband customer base to 2.3 million, up 19.3% YoY. The company expanded its fiber network to reach 7.6 million total locations passed, an increase of 381,000 from the previous quarter.
Consumer fiber broadband revenue grew 21.8% YoY to $414 million, driven by customer and average revenue per user (ARPU) growth. Consumer fiber broadband ARPU increased 1.4% YoY to $65.40.
For the full year, Frontier reiterated its guidance for adjusted EBITDA of $2.11-$2.16 billion and capital expenditures of $2.8-$3.0 billion.
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