Frontier Communications Parent, Inc. [FYBR] has reported a net loss of $4.5 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $2.2 billion
Based in DALLAS, Texas, Frontier Communications Parent, Inc. operates in the TRANSPORT sector.
In the Consolidated Statements of Income for Frontier for the period ending April 30, 2021, the company reported revenues of $2.231 billion, which increased to $4.180 billion in the following 8-month period and further rose to $5.751 billion by the end of the 12-month period ending December 31, 2023. Comparing these figures with the prior year's amounts, revenue showed a consistent upward trend.
Moving on to operating expenses, the cost of service was $830 million for the 4-month period, increased to $1.532 billion in the 8-month period, and further rose to $2.125 billion by the end of the 12-month period. Similarly, selling, general, and administrative expenses and depreciation and amortization costs also showed an increasing trend over the periods.
Operating income for the company stood at $351 million for the 4-month period, increased to $762 million in the 8-month period, but then declined to $492 million by the end of the 12-month period. Investment and other income (loss) also fluctuated over the periods.
Net income for Frontier was reported at $4.541 billion for the 4-month period, followed by a significant decrease to $414 million in the 8-month period and further dropped to $29 million by the end of the 12-month period ending December 31, 2022.
In terms of earnings per share, the basic and diluted amounts also saw a significant decline from $43.42 and $43.28, respectively, in the 4-month period to $1.69 and $1.68 in the 8-month period, and eventually dropping to $0.12 for both basic and diluted earnings per share by the end of the 12-month period.
Overall, Frontier's financial performance showed a significant decrease in net income and earnings per share over the reporting periods, reflecting challenges that impacted the company's profitability.