Frontier Communications reports fourth quarter and full year 2017 results

Frontier Communications Corporation (NASDAQ:FTR) has reported financial results for the fourth quarter and full year ended December 31, 2017, the company said.

Consolidated revenues for the fourth quarter 2017 were USD 2.22 billion. Within consolidated revenue, consumer revenue was USD 1.09 billion, commercial revenue was USD 941 million and regulatory revenue was USD 190 million. Consolidated revenues for the full year 2017 were USD 9.13 billion. Within consolidated revenue, consumer revenue was USD 4.48 billion, commercial revenue was USD 3.88 billion and regulatory revenue was USD 776 million.

Net loss for the fourth quarter of 2017 was USD 1.03 billion. Net loss for the fourth quarter included an USD 830 million tax benefit resulting from the reduction in federal tax rates, and a USD 1.82 billion (after tax) goodwill impairment. Net loss for the fourth quarter attributable to common shares was USD 1.08 billion, for a diluted net loss per common share of USD 13.91. Adjusted EBITDA3 totaled USD 919 million for an adjusted EBITDA margin4 of 41.5%. For the full year 2017, net loss was USD 1.80 billion.

Net loss for 2017 included an USD 830 million tax benefit resulting from the reduction in federal tax rates and a USD 2.35 billion (after tax) goodwill impairment. Net loss attributable to common shares was USD 2.02 billion, for a diluted net loss per common share of USD 25.99. Full year 2017 adjusted EBITDA totaled USD 3.68 billion, for an adjusted EBITDA margin of 40.4%.

The company attained more than USD 190 million in annualized cost synergies and remains on track to achieve its target of USD 350 million in annualized run-rate cost synergies by mid-2018.

For the fourth quarter of 2017, net cash provided from operating activities was USD 665 million and adjusted free cash flow5 was USD 228 million. For the full year 2017, net cash provided from operating activities was USD 1.85 billion and adjusted free cash flow5 was USD 790 million.

Frontier Communications Corporation (NASDAQ: FTR) is a provider of 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, including video, high-speed Internet, advanced voice, and Frontier Secure® digital protection solutions. Frontier Business offers communications solutions to small, medium, and enterprise businesses. More information about Frontier is available at www.frontier.com.