Frontier Communications Corporation reported lackluster second-quarter 2019 results due to secular decline in business, higher operating costs and pressure across the business. The company recorded year-over-year decrease in revenues and wider loss despite stringent cost management.
Net Loss
For the second quarter, the company incurred net loss of $5,317 million or loss of $51.07 per share compared with loss of $72 million or loss of 92 cents per share a year ago. The wider loss was primarily attributable to goodwill impairment charges of $5,449 million. The charges were largely due to expectation of continued revenue decline, lower outlook for the overall industry, and below-par expectations about the long-term sustainability of the capital structure.
Adjusted net income for the quarter was 98 cents per share against loss of 80 cents in the prior-year quarter. The bottom line comfortably beat the Zacks Consensus Estimate of a loss of 34 cents.
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Frontier Communications Corporation reported lackluster second-quarter 2019 results due to secular decline in business, higher operating costs and pressure across the business. The company recorded year-over-year decrease in revenues and wider loss despite stringent cost management.
Net Loss
For the second quarter, the company incurred net loss of $5,317 million or loss of $51.07 per share compared with loss of $72 million or loss of 92 cents per share a year ago. The wider loss was primarily attributable to goodwill impairment charges of $5,449 million. The charges were largely due to expectation of continued revenue decline, lower outlook for the overall industry, and below-par expectations about the long-term sustainability of the capital structure.
Adjusted net income for the quarter was 98 cents per share against loss of 80 cents in the prior-year quarter. The bottom line comfortably beat the Zacks Consensus Estimate of a loss of 34 cents.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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