Frontier Communications Parent Inc (FYBR, Financial) released its Q3 2023 earnings report on November 1, 2023. The company reported a revenue of $1.436 billion, marking an increase from the previous quarter. The net income for the quarter was $11 million, a significant improvement from a net loss of $2 million in Q2 2023.
Company Performance and Financial Highlights
Frontier's President and Chief Executive Officer, Nick Jeffery, commented on the company's performance, stating,
We delivered another strong quarter of operational results, with our first consumer revenue increase as a new public company, and an acceleration in our EBITDA growth."He further added that the company's progress over the last two years gives him confidence in their strategy to create long-term, material value for shareholders.
The company's total liquidity as of September 30, 2023, was $3.4 billion, including a cash and short-term investments balance of approximately $2.2 billion, $0.7 billion of available borrowing capacity on its revolving credit facility, and $0.5 billion of available borrowing capacity on its variable funding notes facility. Frontier's net leverage ratio on September 30, 2023, was approximately 4.3x.
Financial Tables Summary
The company's financial tables reveal a steady increase in data and internet services revenue, which rose from $848 million in Q3 2022 to $895 million in Q3 2023. However, revenue from voice services and video services saw a slight decrease over the same period. The total revenue from contracts with customers for Q3 2023 was $1.421 billion.
For the nine months ended September 30, 2023, the total revenue was $4.325 billion, with a net income of $12 million. The capital expenditures for the same period were $2.882 billion.
Outlook for 2023
Frontier updated its interest expense guidance while reaffirming all other operational and financial expectations for 2023. However, the specific details of the updated guidance were not provided in the report.
Frontier Communications Parent Inc (FYBR, Financial) is the largest pure-play fiber provider in the U.S., delivering high-speed broadband connectivity to millions of consumers and businesses.
Explore the complete 8-K earnings release (here) from Frontier Communications Parent Inc for further details.
