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Frontier Communications: What’s the Outlook in 2019?

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Feb. 27 2019, Published 11:45 a.m. ET

Analysts’ estimates

Analysts expect Frontier Communications (FTR) to report an ~5.0% fall in its consolidated revenues to $8.2 billion in 2019—compared to $8.6 billion in 2018. The company’s adjusted EPS is expected to be -$0.36 in 2019—compared to -$1.34 in 2018.

During Frontier’s fourth-quarter earnings conference call, the company’s management offered key insights into its outlook for 2019. Frontier expects its adjusted free cash flow to be $575 million–$675 million in 2019. The company also expects its adjusted EBITDA to be $3.45 billion–$3.55 billion in 2019. The company expects its capital expenditures to reach ~$1.15 billion.

Frontier expects its cash taxes to be less than $25 million, cash pension and other post-employment benefits of ~$175 million, and cash interest expenses of ~$1.5 billion for fiscal 2019.

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Frontier’s fourth-quarter results

Frontier has been posting a negative adjusted EPS for the last few quarters. Frontier reported an adjusted EPS of -$0.06 in the fourth quarter of 2018—compared to an adjusted EPS of -$0.59 in the fourth quarter of 2017. Frontier’s total revenues fell ~4.2% YoY (year-over-year) to $2.12 billion, which beat analysts’ consensus estimate of $2.09 billion.

In comparison, AT&T’s (T) revenues rose ~15.2% YoY to $48.0 billion in the fourth quarter. Verizon’s (VZ) revenues rose ~1.0% YoY to $34.3 billion. Comcast’s (CMCSA) revenues rose ~26.1% YoY on a pro forma basis to $27.8 billion in the fourth quarter. Charter Communications’ (CHTR) revenues rose ~5.9% YoY on a pro forma basis to $11.2 billion.

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