Shares of cable and internet provider Frontier Communications (NASDAQ: FTR) plunged nearly 11 percent Tuesday, after the company reported a bigger-than-expected quarterly loss.
In its fourth-quarter earnings statement, the Connecticut-based company reported a loss of 12 cents per share, missing a Thomson Reuters consensus estimate of a 5 cent loss.
Frontier reported quarterly revenue of $2.409 billion, falling below a Reuters forecast of $2.5 billion in sales.
"Results for the fourth quarter were impacted by our intensified efforts to resolve acquired accounts in California, Texas and Florida that we have determined to be non-paying," CEO Dan McCarthy said in a statement.
This process is almost complete, and Frontier expects to return to a "normalized trend" by the start of the second quarter, he said.
For the full year 2017, the cable provider said it sees capital expenditures of $1 billion to $1.25 billion, and adjusted cash flow of $800 million to $1 billion.
With Tuesday's losses, the stock is down more than 13 percent for the year and more than 46 percent over the last 12 months.
Frontier 12-month performance
Correction: This story has been updated to include a new photo. The previous photo showed former Executive Chairman Maggie Wilderotter, who is no longer with the company.
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