NEW YORK (TheStreet) -- Shares of Frontier Communications  (FTR) - Get Report fell 8.68% to $6.16 in late morning trading Wednesday after the telephone company reported first-quarter earnings that missed analysts' expectations.

Frontier Communications reported earnings of 2 cents a share, which missed the consensus estimate of 4 cents a share from analysts polled by Thomson Reuters. Revenue totaled $1.371 billion, up from $1.154 billion in the first quarter last year. This came up short of analysts' expectations of $1.388 billion.

The company also reaffirmed its 2015 guidance. Frontier expects free cash flow of $785 million to $825 million, capital expenditure of $650 million to $700 million, and cash taxes, of $175 million to $200 million. Analysts polled by Thomson Reuters expect capital expenditure of $722.93 million.

More than 17.1 million shares had changed hands as of 11:59 a.m., compared to the daily average volume of 10,842,600.

Separately, TheStreet Ratings team rates FRONTIER COMMUNICATIONS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate FRONTIER COMMUNICATIONS CORP (FTR) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, solid stock price performance and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: FTR Ratings Report

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