Frontier Communications Corp. recorded a net loss of $133 million or 12 cents per share for the fourth quarter of 2016, compared with a net loss of $156 million or 14 cents per share in the prior-year quarter.
Revenues for the fourth quarter were $2.4 billion, down from $2.5 billion in the third quarter but a 70.5 percent rise on a year-over-year basis thanks largely to its $10.5 billion acquisition of Verizon Communications territories in Florida, Texas and California in April of last year. The Stamford company said about $45 million of the sequential decline in revenue was related to resolution of delinquent accounts it inherited following the Verizon deal.
“We now expect annualized cost synergies of $1.6 billion to be achieved by mid-year 2018, up from the $1.4 billion target outlined in the 2016 third quarter earnings report, and a full year earlier than anticipated,” Frontier President and CEO Daniel McCarthy said. “We expect $1.25 billion of the $1.6 billion in synergies will be achieved by the end of the first quarter of 2017, which is a quarter earlier than previously announced.”