What: Shares of Frontier Communications (OTC:FTR) have jumped today, up by 11% as of 12:01 p.m. ET, after the regional telecommunications company announced fourth-quarter earnings.
So what: Revenue in the fourth quarter came in at $1.4 billion, which translated into adjusted earnings per share of $0.05. While the top-line figure narrowly missed the Street's expectations, Frontier squeezed out a beat with the bottom line compared to the consensus estimate of $0.03 per share in adjusted profit.
Now what: Frontier as secured regulatory approval to acquire wireline operations from Verizon Communications in California, Texas, and Florida, which will help Frontier accelerate growth and boost cash flow in those markets. Frontier will begin operating in those related markets during the second quarter. It added 28,500 net broadband customers during the fourth quarter, bringing its total broadband customer base to nearly 2.5 million.