NASDAQ$FYBR

Frontier Communications Parent Inc · Q1 2024 earnings

Q1 2024 earnings · · Investor relations

Briefing

Frontier Communications reported year-over-year revenue growth for the first quarter since 2015, and fiber broadband revenue growth was accelerated.

Frontier Communications reported a strong start to 2024, achieving year-over-year revenue growth for the first time since 2015. The company's focus on expanding its fiber business contributed to a 24% increase in fiber broadband revenue. Overall, Frontier's financial performance is systematically improving due to the growth of its fiber business.

  • Added 322,000 fiber passings, reaching 6.8 million total locations passed with fiber.
  • Increased revenue by 1.5% year-over-year to $1.46 billion.
  • Operating income was $90 million and net income was $1 million.
  • Adjusted EBITDA increased 5.4% year-over-year to $547 million, driven by revenue growth and cost savings.

Headline financials

Total Revenue

$1.46B

Previous: $1.44B+1.5%
EPS (adj)

$0.00

Previous: $0.01-59.5%
Broadband Customers

3.0M

No prior period
Broadband Net Adds

31.0K

No prior period
Avg Monthly Rev/Customer

$83.65

No prior period
Consumer Fiber Customers

2.7M

No prior period
Consumer Fiber Net Adds

85.0K

No prior period
Consumer Fiber Churn

1.2%

No prior period
Consumer Copper Customers

771.0K

No prior period
Consumer Copper Net Adds

-51.0K

No prior period
Consumer Copper Churn

1.9%

No prior period
Total Fiber Revenue

$414M

No prior period
Total Copper Revenue

$155M

No prior period
Total Fiber Passings

6.8M

No prior period
Fiber Penetration

30.7%

No prior period
Capital Expenditures

-$666M

No prior period
Net Income

$1M

Previous: $3M-66.7%
Operating Income

$90M

Previous: $143M-37.1%
Gross Profit

$552M

Previous: $898M-38.5%

Revenue & EPS history

Frontier Communications · Revenue · Quarterly

$1.46B

Q1 2024+1.5%vs Q1 2023
Beat estimate in 8 of 16 quarters(50%)
ActualEstimate

Revenue by segment

Frontier Communications · $2.38B total across 4 segments · Q3 2020

  • Consumer
    $859M-8.9%
  • Data & Internet
    $838M—
  • Voice Services
    $500M—
  • Video Services
    $186M—

Forward guidance

Frontier reaffirmed all operational and financial expectations for 2024.

Tailwinds

  • Adjusted EBITDA of $2.20 - $2.25 billion
  • Fiber passing additions of 1.3 million
  • Cash capital investment of $3.00 - $3.20 billion
  • Cash taxes of approximately $20 million
  • Net cash interest payments of approximately $750 million

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 8 quarterly earnings reports · overlaid with Q1 2024

Historical avgQ1 2024

+0.1%

Avg return

Earnings day

+1.1%

Avg return

5 days after

+2.5%

Avg return

30 days after

50%

9 / 18 earnings

Positive

+12.1%

Q4 2023

Best reaction

-12.8%

Q1 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026———
Q3 2025+0.3%+0.2%+0.4%
Q2 2025+0.3%+0.2%+1.6%
Q1 2025+0.1%-0.5%+1.5%
Q4 2025+0.0%+0.5%+0.0%
Q3 2024-1.0%-2.6%-2.6%
Q2 2024-9.8%-5.0%-0.1%
Q1 2024+9.5%+5.6%+11.1%
Q4 2023+12.1%+10.2%+8.3%
Q3 2023+6.8%——
Q2 2023-0.6%——
Q1 2023-12.8%——
Q4 2022-1.4%——
Q3 2022-8.3%——
Q2 2022+3.6%——
Q1 2022-4.0%——
Q4 2021+3.1%——
Q3 2021+3.9%——
Q2 2021-0.5%——
Q1 2021———
Q4 2020———
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