Frontier Communications Registers 8.4% Revenue Decline In Q3 - Frontier Communications (NASDAQ:FYBR)

Frontier Communications Parent, Inc FYBR reported a third-quarter FY22 revenue decline of 8.4% year-on-year to $1.444 billion, marginally beating the consensus of $1.440 billion.
The growth in consumer fiber broadband was offset by declining subsidy, video, voice, and wholesale services.
Consumer revenue was $785 million, a 1.9% decline Y/Y, and Consumer fiber revenue rose by 3.6% Y/Y to $424 million.
Consumer fiber broadband revenue increased 14.4% Y/Y to $278 million, driven by growth in fiber broadband customers.
Business and wholesale revenue was $641 million, a 7.5% decline Y/Y, while the Business and wholesale fiber broadband revenue was $267 million, a 2.9% decline Y/Y.
Frontier built Fiber to 351,000 locations, bringing total fiber passings to 4.8 million. Consumer fiber broadband net adds were 66,000, resulting in fiber broadband customer growth of 15.8%.
The adjusted EBITDA margin contracted 200 bps to 35.2%, driven by revenue declines, partially offset by lower video content costs.
EPS of $0.49 beat the consensus of $0.21.
Frontier held $2.6 billion in cash and equivalents and used $(488) million in free cash flow.
Outlook: Frontier reaffirmed 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 lower by 0.60% at $23.10 on the last check Wednesday.
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