Frontier Communications Corp. shares were trading up 5 percent Wednesday afternoon after the company reported its third-quarter results.
The company earned net income attributable to common shareholders of $35.4 million, or 4 cents a share, compared with $67 million, or 7 cents a share in 2012. Excluding the impact of special items, the company reported adjusted net income of $56.5 million, or 6 cents a share. Revenue for the third quarter topped $1.2 billion.
Frontier reported its earnings after markets closed Tuesday.
"Frontier's 2013 third quarter delivered improved sequential performance adding to the positive trend established in the first two quarters of this year," Chairman and CEO Maggie Wilderotter said in a statement.
At the close of the third quarter, the residential and commercial communications company had approximately 2,822,100 residential customers and 274,700 business customers.
“Our strong local engagement execution coupled with simple bundles and network improvements enabled us to, once again, take broadband market share, as illustrated by almost 27,000 broadband net adds, low churn and improved revenue metrics,” Wilderotter said.
“Expanded alternate channel performance offset much of the typical impact of seasonality in the third quarter,” she said. “Cost reductions remain on track and our employees are improving their competitive engagement every day.”
Based in Stamford, Conn., Frontier employs roughly 1,400 employees in the Rochester area. The company’s stock (NASDAQ: FTR) was trading Wednesday afternoon at $4.72, up from Tuesday’s close of $4.48.
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