Frontier Communications Corp. posted another negative quarter, although there were signs that it might be reversing the downward trend it has experienced over the past several quarters.
Third-quarter revenue for the Norwalk company was $1.1 billion, a sequential decline of $22 million versus the $40 million sequential decline in the second quarter. The improved trend was entirely driven by a stronger performance in its California, Texas and Florida markets, according to the company.
Consolidated revenues for the third quarter were $2.25 billion. Consumer revenue was $1.1 billion, commercial revenue was $958 million and regulatory revenue was $191 million.
Net loss for the third quarter was $38 million – a significant improvement over the second quarter, which saw a net loss of $662 million that was principally driven by a $532 million (after tax) goodwill impairment charge.
Customer churn improved to 2.08 percent (1.92 percent for Frontier Legacy and 2.33 percent for CTF operations) compared with 2.24 percent for the second quarter of 2017 (1.95 percent for Frontier Legacy and 2.69 percent for CTF operations.
“Our third-quarter results highlight the ongoing stabilization across our business as we focus on executing our strategy,” said Frontier President and CEO Dan McCarthy. “We remain committed to enhancing the customer experience, further reducing churn, generating cash flow, and improving the balance sheet to further stabilize the business and grow longer-term.”