Frontier Communications Corp. on Wednesday posted losses in the third quarter following the acquisition of Verizon’s wireline properties in California, Texas and Florida.
The Norwalk-based telecommunications giant, with offices in Hartford, reported third quarter net income losses of $134 million, or 12 cents per share, compared with losses of $81 million, or 7 cents per share, a year ago.
Frontier also announced a new customer-focused organizational structure and the creation of commercial and consumer business units to better allocate capital and enhance focus on the commercial side of the business. The firm also is centralizing regional support functions that include engineering, finance, human resources, communications and marketing to improve operations and reduce expenses.
Dan McCarthy, president and CEO, said company priorities continue to be driving strong free cash flow and continuing a disciplined capital allocation policy while maintaining an attractive dividend, preserving its the dividend payout ratio, and reducing leverage.
