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Frontier Communications Parent, Inc (NASDAQ:FYBR) reported a third-quarter FY23 revenue decline of 0.6% year-on-year to $1.436 billion, versus the consensus of $1.437 billion.
The American telecommunications company's EPS of $0.05 beat the consensus loss of $(0.06).
Declines in copper-based products offset the growth in fiber-based products.
Consumer revenue was $787 million, a 0.3% growth Y/Y, and Consumer fiber revenue rose by 13% Y/Y to $479 million.
Consumer fiber broadband revenue increased 22.3% Y/Y to $340 million, driven by growth in fiber broadband customers and ARPU.
Business and wholesale revenue was $634 million, a 1.1% decline Y/Y, while the Business and wholesale fiber revenue was $281 million, a 5.2% growth Y/Y.
Frontier built fiber to 332,000 locations, bringing total fiber passings to 6.2 million. Consumer fiber broadband net adds were 75,000, resulting in fiber broadband customer growth of 19.6%.
The adjusted EBITDA margin expanded by 140 bps to 36.6%.
Frontier held $2.2 billion in cash and equivalents and used $(288) million in free cash flow.
Outlook: Frontier reiterated FY23 adjusted EBITDA of $2.11 billion - $2.16 billion and targeted fiber builds to 1.3 million new locations.
Price Action: FYBR shares are trading lower by 4.77% at $17.07 on the last check Wednesday.
Posted In: FYBR
