Frontier (FTR) Beats Q2 Earnings Estimates, Lowers Guidance
Zacks Investment Research | Aug 06, 2019 09:13PM ET
Frontier Communications Corporation (NASDAQ:FTR) reported lackluster second-quarter 2019 results due to secular decline in business, higher operating costs and pressure across the business. The company recorded year-over-year decrease in revenues and wider loss despite stringent cost management.
Net Loss
For the second quarter, the company incurred net loss of $5,317 million or loss of $51.07 per share compared with loss of $72 million or loss of 92 cents per share a year ago. The wider loss was primarily attributable to goodwill impairment charges of $5,449 million. The charges were largely due to expectation of continued revenue decline, lower outlook for the overall industry, and below-par expectations about the long-term sustainability of the capital structure.
Adjusted net income for the quarter was 98 cents per share against loss of 80 cents in the prior-year quarter. The bottom line comfortably beat the Zacks Consensus Estimate of a loss of 34 cents.
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