Frontier Communications Corp. posted revenue of $2.52 billion for the third quarter, a 77.2 percent increase over the same quarter last year, but a net loss of $80 million.
On a per-share basis, the Norwalk company said it had a loss of $0.12 cents. Losses, adjusted for costs related to mergers and acquisitions, were $0.04 per share. During the same quarter in the previous year, the company posted earnings of $0.03 per share.
Frontier also announced a new customer-focused organizational structure and the creation of Commercial and Consumer business units, saying that the updated structure will result in enhanced focus on the commercial segment and more efficient capital allocation. Current regional support functions including engineering, finance, human resources, communications and marketing are being centralized with an eye toward improving operational performance and reducing expenses.
Frontier”™s annualized cost synergy target is now $1.4 billion, up from the $1.25 billion target outlined in its second quarter earnings report. Yet-to-be attained cost synergies of $400 million are anticipated to be achieved by mid-year 2019, including $250 million expected to be achieved by mid-year 2017.
The company also stated that it lost some 99,000 broadband customers during the quarter, while it picked up about 80,000 customers in its much smaller video subscriber category.
