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August 6, 2014

Frontier swings to profit in 2Q

Stamford’s Frontier Communications, which intends to purchase AT&T’s Connecticut wireline and U-Verse businesses later this year, booked a profitable second quarter, despite lower revenue.

The company earned net income of $37.7 million, largely erasing a loss of $38.5 million in the same quarter last year. Profits amounted to 4 cents per share, compared to a loss of 4 cents a year ago.

Last year’s second quarter results were dragged down from a $159.8 million loss from a debt payment. During the recent quarter, the company also cut operating expenses by more than $16 million due to lower severance and acquisition costs.

Revenue decreased from $1.19 billion to $1.15 billion, with declines in both the residential and business segments.

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