Frontier Communications Shares Pop On S&P Midcap 400 Inclusion

  • Frontier Communications Parent, Inc FYBR will replace The Hain Celestial Group, Inc HAIN in the S&P Midcap 400.
  • Hain Celestial will replace Hanger, Inc HNGR in the S&P SmallCap 600 effective before trading on October 3. 
  • Patient Square Capital, LP. is acquiring Hanger. 
  • FYBR reported a second-quarter FY22 revenue decline of 8.7% year-on-year to $1.46 billion, marginally beating the consensus of $1.45 billion.
  • The growth in consumer fiber broadband was offset by declining subsidy, video, voice, and wholesale services. 
  • EPS of $0.41 beat the consensus of $0.24.
  • Frontier sees an FY22 adjusted EBITDA of $2.05 billion - $2.15 billion and targets Fiber builds to 1.1 - 1.2 million new locations.
  • Price Action: FYBR shares traded higher by 6.48% at $23.66 on the last check Wednesday.
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