By 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.
“Our third quarter results demonstrate continued momentum in our fiber expansion strategy,” said Nick Jeffery, President and CEO of Frontier. “We added over 100,000 new fiber broadband customers for the fifth consecutive quarter while delivering strong revenue and ARPU growth.”
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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