Frontier Communications Parent I Down 3.91% To $17.22 After Earnings Beat

Frontier Communications Parent Inc (FYBR) reported better than expected earnings this morning for Q3 2023.

Wall Street earnings per share (EPS) projections for Frontier Communications Parent I were at a loss of $0.06 per share. The company beat those estimates with an EPS of $0.05. The earnings per share of $0.05 (which represents a -183% EPS surprise) led to the company's profits falling 90% compared to last year when the firm reported an EPS of $0.49. The decline in Frontier Communications Parent I's annual growth rate represents how the business isn't performing well amid current economic conditions.

Consensus analyst estimates were at $1.4 billion. The Communication Services company missed on those expectations for its third quarter with revenue of $1.4 billion, a negative revenue surprise of $4 million (0%). The firm managed negative 1% growth year-over-year due to Frontier Communications Parent I reporting quarterly revenue of $1.4 billion in its year-ago quarter. Frontier Communications Parent I achieved a lower earnings growth rate than revenue, signaling that the business has not been able to improve its profit margin.

The stock is down 3.91% to $17.22 after the report.

Frontier Communications Parent I's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Frontier Communications Parent I a Bullish Sentiment Rank from InvestorsObserver.

Frontier Communications Parent I has performed a little above average during the past few months. Before the report, Frontier Communications Parent I received a Long-Term Technical Rank by InvestorsObserver of 72, putting it in the top half of stocks. The firm set a 52-week low on July 17, 2023 at $11.65 and set a 52-week high on February 2, 2023 at $30.83.

Frontier Communications Parent Inc offers a variety of services to residential and business customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and Frontier Secure digital protection solutions. It offers communications solutions to small, medium, and enterprise businesses.