Frontier Communications Adds 381K New Fiber Builds Locations In Q4, Targets 1.3M New Locations In FY23

Frontier Communications Parent, Inc (NASDAQ:FYBR) reported a fourth-quarter FY22 revenue decline of 6.9% year-on-year to $1.437 billion, marginally beating the consensus of $1.430 billion.
The growth in consumer, business and wholesale fiber was more than offset by declines in copper footprint and subsidy.
Consumer revenue was $764 million, a 2.3% decline Y/Y, and Consumer fiber revenue rose by 7.7% Y/Y to $436 million.
Consumer fiber broadband revenue increased 15.5% Y/Y to $283 million, driven by growth in fiber broadband customers.
Business and wholesale revenue was $659 million, a 2.6% decline Y/Y, while the Business and wholesale fiber broadband revenue was $285 million, a 5.5% growth Y/Y.
Frontier built Fiber to 381,000 locations, bringing total fiber passings to 5.2 million. Consumer fiber broadband net adds were 73,000, resulting in fiber broadband customer growth of 17.9%.
The adjusted EBITDA margin contracted 120 bps to 36.7%, driven by revenue declines.
EPS of $0.63 beat the consensus of $0.19.
Frontier held $2.1 billion in cash and equivalents and used $(518) million in free cash flow.
Outlook: Frontier expected FY23 adjusted EBITDA of $2.11 billion - $2.16 billion and targeted Fiber builds to 1.3 million new locations.
Price Action: FYBR shares traded higher by 2.11% at $28.59 premarket on the last check Friday.

To add Benzinga News as your preferred source on Google, click here.