Notable Runner: Frontier Communications Corporation (NASDAQ: FTR)

Shares of Frontier Communications Corporation (NASDAQ: FTR) closed with gain of +0.81 percent to $4.99. Recent traded volume was 3,610,461 shares versus to it an average volume of 3,708,203 million shares. The company holds 80.14 million shares outstanding and market cap of 399.889 million. The stock’s day range was recorded between a low of $4.98 and a high $5.25. The one year high of the company is $18.21 and the one year low is $4.92.

Frontier Communications Corporation (FTR) recently declared financial results for the 1st quarter ended March 31, 2018.

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Consolidated revenue for the 1st quarter 2018 was $2.20B. Within consolidated revenue, consumer revenue was $1.13B, commercial revenue was $974M and subsidy and other regulatory revenue was $97M. For the 4th quarter 2017, consolidated revenue was $2.22B, consumer revenue was $1.09B, commercial revenue was $941M and subsidy and other regulatory revenue was $190M.

Net income for the 1st quarter of 2018 was $20M. Net loss for the first quarter attributable to ordinary shares was $(33)M, for a diluted net loss per ordinary share of $(0.44). Adjusted EBITDA totaled $908M, for an adjusted EBITDA margin2 of 41.3 percent. For the 4th quarter of 2017, net loss was $(1.03)B. Net loss for the 4th quarter attributable to ordinary shares was $(1.08)B, for a diluted net loss per ordinary share of $(13.91). Adjusted EBITDA totaled $919M for an adjusted EBITDA margin of 41.5 percent.

As of the end of the 1st quarter, the Company had attained about $275M in annualized cost synergies, and the Company remains on track to achieve its target of $350M in annualized run-rate cost synergies by mid-2018.

For the 1st quarter of 2018, net cash provided from operating activities was $251M and operating free cash flow3 was $(46)M, which reflects cash interest payments of $593M, or 40 percent of the $1.5B predictable yearly cash interest expense. Over the four-quarter period ending March 31, 2018, net cash provided from operating activities was $1,801M and operating free cash flow was $632M.

Consumer Business Highlights

  • Revenue was $1.13B; the improved trend was driven by improved product mix and better base management.
  • Consumer churn improved to 1.94 percent (1.71 percent for Legacy and 2.30 percent for CTF operations).
  • Average Revenue Per Consumer (ARPC) of $86.21.

Commercial Business Highlights

  • Revenue of $974M. Not Including the impact of ASC 606, the commercial revenue decline was caused by the Small, Medium, and Enterprise (SME) portion of the business.
  • Total commercial consumers of 441,000 contrast to 453,000 during the 4th quarter of 2017.
  • Carrier/wholesale revenue was roughly stable sequentially.

Capital Structure and Capital Allocation

  • In January 2018, Frontier amended its credit facilities to provide raised flexibility in managing its capital structure.
  • In March 2018, Frontier issued $1.6B aggregate principal amount of Second Lien Secured Notes due 2026. Frontier used the proceeds and cash on hand to repurchase $1.65B aggregate principal amount of notes due in 2020 and 2021.
  • As of March 31, 2018, Frontier’s leverage ratio (as calculated in accordance with its credit contracts) was 4.77:1. The leverage ratio was 4.59:1 as of December 31, 2017.
  • The Board of Directors has reported a regular and final quarterly dividend on the Convertible Preferred of $2.78125 per share, payable in cash on June 29, 2018 to holders of record at the close of business on June 15, 2018. The Convertible Preferred will convert to ordinary stock on June 29, 2018.
  • Frontier remains committed to reducing debt and improving its financial leverage profile.

A look on the firm performance, its monthly performance is -34.38 percent and a quarterly performance of -36.04 percent. The stock price is trading downbeat from its 200 days moving average with -41.51 percent and down from 50 days moving average with -37.62 percent.

 

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