DALLAS - Frontier Communications (OTC:FTRCQ) Parent, Inc. (NASDAQ: FYBR), a leading provider of internet, TV, and phone services, has outperformed analysts' expectations for the fourth quarter, posting earnings per share (EPS) of $0.07, significantly higher than the consensus estimate of $0.00.
The company's revenue for the quarter was reported at $1.43 billion, narrowly surpassing the $1.42 billion analyst estimate.
Frontier's financial performance in the fourth quarter was bolstered by a 25.1% year-over-year (YoY) increase in consumer fiber broadband revenue, driven by both customer growth and average revenue per user (ARPU) improvements. The company also achieved a 4.0% YoY increase in adjusted EBITDA, which reached $549 million, reflecting disciplined cost management and operational efficiency.
Looking ahead, Frontier has set its guidance for the full year 2024, aiming for an adjusted EBITDA between $2.20 and $2.25 billion, which marks a continued focus on growth. The company plans to expand its fiber network by passing an additional 1.3 million locations and anticipates cash capital investments ranging from $3.00 to $3.20 billion.
Nick Jeffery, President and Chief Executive Officer of Frontier, commented on the results, stating, "Last year, we continued the relentless execution of our strategy, delivered strong financial performance, and achieved our first full year of EBITDA growth in more than a decade." He expressed confidence in the company's trajectory, emphasizing the critical inflection point they have reached and the expectation for accelerated EBITDA growth in 2024.
Despite the positive earnings report, Frontier's stock remained flat in premarket trading.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.