Frontier Communications Parent, Inc.(FYBR) and its subsidiaries have released their un audited consolidated financial statements for the first quarter of 2023, showing a net income of $3 million. The company's revenue remained consistent at $1.44 billion during the same period. The financial report provides an overview of the company's assets, liabilities, equity, and cash flows, highlighting its financial performance in the recent quarter.
Net Income of $3 Million Reported for Q1 2023
Frontier Communications Parent, Inc. revealed a net income of $3 million in the first quarter of 2023, according to the unaudited consolidated financial statements released today. The net income figure indicates the company's overall profitability during the three-month period ending March 31, 2023.
The company's revenue for the first quarter of 2023 remained stable at $1.44 billion, comparable to the previous year's revenue figure. Despite market challenges, Frontier Communications Parent, Inc. managed to maintain its revenue stream during the quarter.
Net Income of $3 Million and Revenue of $1.44 Billion Reported for Q1 2023
Frontier Communications Parent, Inc. and its subsidiaries released their unaudited consolidated financial statements for the first quarter of 2023, reflecting a net income of $3 million and revenue of $1.44 billion. The company's net income signifies its profitability during the quarter, while the consistent revenue figure demonstrates its ability to maintain a stable financial position in the market.
The financial report also provides insights into the company's assets, liabilities, and equity. As of March 31, 2023, the total current assets stood at $2.54 billion, including cash and cash equivalents of $1.13 billion, short-term investments of $900 million, and accounts receivable of $430 million. The property, plant, and equipment net worth were recorded at $12.75 billion.
On the liabilities side, the total current liabilities amounted to $2.31 billion, including long-term debt due within one year, accounts payable, advanced billings, and other current liabilities. The long-term debt accounted for $9.84 billion.
Frontier Communications Parent, Inc.'s equity, which represents shareholders' stake in the company, amounted to $5.16 billion, including common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income.
The company's cash flow from operating activities showed a net increase of $389 million, while cash flow from investing activities reported a net decrease of $304 million due to capital expenditures and short-term investments. Cash flow from financing activities saw a net increase of $725 million, primarily from long-term debt borrowings.
Despite challenges in the market, Frontier Communications Parent, Inc. demonstrated resilience in its financial performance during the first quarter of 2023, maintaining steady revenue and achieving a positive net income figure.