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Frontier Communications Parent, Inc (NASDAQ:FYBR) reported a fourth-quarter fiscal 2023 revenue decline of 0.8% year-on-year to $1.43 billion, versus the consensus of $1.42 billion.
The American telecommunications company’s EPS of $0.07 beat the consensus loss of $(0.12).
Declines in copper-based products offset the growth in fiber-based products. Consumer revenue was $774 million, a 1.3% growth Y/Y, and Consumer fiber revenue rose by 11.0% Y/Y to $484 million.
Consumer fiber broadband revenue increased 25.1% Y/Y to $354 million, driven by growth in fiber broadband customers and ARPU.
Business and wholesale revenue was $635 million, a 3.6% decline Y/Y, while the Business and wholesale fiber revenue was $278 million, a 2.5% decline Y/Y.
Frontier built fiber to 333,000 locations, bringing total fiber passings to 6.5 million. Consumer fiber broadband net adds were 81,000, resulting in fiber broadband customer growth of 19.2%.
The adjusted EBITDA margin expanded by 180 bps to 38.5%. Frontier held $2.2 billion in cash and equivalents and used $(37) million in free cash flow.
CEO Nick Jeffery said, “In fact, Frontier has delivered the fastest EBITDA growth of any major player in the fixed broadband industry for two consecutive quarters. We believe this year marks a critical inflection point in our business and expect to continue to accelerate EBITDA growth in 2024.”
FY24 Outlook: Frontier projected adjusted EBITDA of $2.20 billion – $2.25 billion and targeted fiber builds to 1.3 million new locations.
Price Action: FYBR shares traded higher by 5.18% at $22.75 premarket Friday.
Posted In: FYBR
