Frontier Communications Corporation (NASDAQ: FTR) shares fell after the company reported Q3 earnings.
The company revealed total revenue of $2.13 billion. Net loss was $426 million principally driven by goodwill impairment. Adjusted EBITDA was $878 million, reflecting continued strong expense management
Net cash provided from operating activities for the third quarter of 2018 was $286 million and operating free cash flow was ($43) million. Over the four-quarter period ending September 30, 2018, net cash provided from operating activities was $1,874 million and operating free cash flow was $604 million.
CEO Dan McCarthy commented "I am pleased with our progress and trends as we enter the fourth quarter. Achievement of third quarter Adjusted EBITDA of $878 million illustrates our ongoing discipline in managing costs as we were successful in largely offsetting the impact of revenue declines and incurred expenses related to the launch of our new branding.
"We have made continued progress in our Consumer business which we expect should manifest itself in an improved revenue trend in the fourth quarter."
As for 2018 guidance, adjusted EBITDA is listed at approximately $3.55 billion, with capital expenditures – $1.15 billion to $1.20 billion. Cash interest expense is forecast around $1.5 billion for the full year.
Operating free cash flow is foreseen at approximately $625 million
Frontier, based in Norwalk, Conn., is a leader in providing communications services to urban, suburban, and rural communities in 29 states. Frontier offers a variety of services to residential customers over its fiber-optic and copper networks.
Shares lost 77 cents, or 14.6%, to $4.49
