Published May 03, 2016
Shares of Frontier Communications Corp. soared Monday after the TV and Internet provider posted strong second-quarter financial results as it added more Internet subscribers.
The company said it gained 29,200 Internet subscribers in the quarter, up from an increase of 17,100 in the first quarter. It lost 5,000 TV customers in the quarter, a fewer than the 7,700 subscribers during the first quarter. The Stamford, Connecticut, company has a total of 2.4 million Internet customers and 569,500 TV customers.
Frontier reported a second-quarter loss of $28 million, after reporting a profit of $38 million in the same period a year earlier. On a per-share basis, the Stamford, Connecticut-based company said it had a loss of 3 cents. Earnings, adjusted for one-time gains and costs, were 3 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
It had revenue of $1.37 billion in the period, matching Street forecasts. A year ago the company posted revenue of $1.15 billion.
Shares of Frontier rose 46 cents, or 9.75 percent, to $5.18 in afternoon trading Monday.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FTR at http://www.zacks.com/ap/FTR
Keywords: Frontier Communications, Earnings Report