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Frontier Communications Parent Inc. reported recurring developments in operating results, material agreements, capital structure and governance as a public operating company. Coverage also includes the completed merger through which Frontier survived as a wholly owned subsidiary of Verizon Communications Inc., along with related corporate-status updates involving its common stock, exchange listing and Exchange Act reporting obligations.
Frontier Communications Parent, Inc. (NASDAQ: FYBR) reported first-quarter 2024 results, showing year-over-year revenue growth for the first time since 2015 and accelerated Adjusted EBITDA growth. The company achieved a 24% increase in fiber broadband revenue, adding 322,000 fiber passings and 88,000 fiber broadband customers. Operating income was $90 million with net income of $1 million. Adjusted EBITDA reached $547 million, a 5.4% increase year-over-year. The company generated $335 million in net cash from operations and had total cash capital investment of $1.0 billion. Consumer revenue increased 3.4% year-over-year to $787 million, with fiber revenue up by 12.7% to $505 million. Business and Wholesale revenue was stable at $659 million, with fiber revenue up by 6.8% to $300 million. Frontier reaffirmed its operational and financial expectations for 2024, including Adjusted EBITDA of $2.20 - $2.25 billion and cash capital investment of $3.00 - $3.20 billion.
Frontier announces the launch of the 'Good to Go' campaign, promoting their high-speed and reliable fiber internet technology that is built to last a lifetime. The campaign aims to showcase how fiber technology can meet the increasing demands for data and serve customers well into the future. Frontier offers a 30-day money back guarantee to customers switching to their fiber internet service, emphasizing its speed, reliability, and availability.
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