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Frontier Communications Shares Pop On S&P Midcap 400 Inclusion

Published 28/09/2022, 15:06
© Reuters.  Frontier Communications Shares Pop On S&P Midcap 400 Inclusion
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  • Frontier Communications Parent, Inc (NASDAQ: FYBR) will replace The Hain Celestial Group, Inc (NASDAQ: HAIN) in the S&P Midcap 400.
  • Hain Celestial will replace Hanger, Inc (NYSE: HNGR) in the S&P SmallCap 600 effective before trading on October 3.
  • Patient Square (NYSE:SQ) Capital, LP. is acquiring Hanger.
  • FYBR reported a second-quarter FY22 revenue decline of 8.7% year-on-year to $1.46 billion, marginally beating the consensus of $1.45 billion.
  • The growth in consumer fiber broadband was offset by declining subsidy, video, voice, and wholesale services.
  • EPS of $0.41 beat the consensus of $0.24.
  • Frontier sees an FY22 adjusted EBITDA of $2.05 billion - $2.15 billion and targets Fiber builds to 1.1 - 1.2 million new locations.
  • Price Action: FYBR shares traded higher by 6.48% at $23.66 on the last check Wednesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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