Sprint Corp.'s Earnings Tumble 87 Percent
Posted on: Tuesday, 20 April 2004, 06:00 CDT
KANSAS CITY, Mo. - Sprint Corp. on Tuesday reported its consolidated earnings tumbled 87 percent in the first quarter from a year ago when the telecommunications firm had a big gain on the sale of its directory-publishing business.
Profit in its traditional phone business fell while its wireless business reported a narrower loss for the latest quarter.
Sprint earned $222 million for the January-March period versus $1.67 billion last year when it collected $2.2 billion from the sale of its directory-publishing business.
The Overland Park, Kan.-based company has two tracking stocks for its wireless and wireline business, which are traded separately on the New York Stock Exchange.
Sprint's wireline business, FON, recorded a profit of $308 million, or 34 cents per share, during the quarter that ended March 31, compared with $1.85 billion, or $2.06 cents per share, in the same period of 2003.
The division reported revenues of $3.4 billion, down from $3.6 billion last year.
Sprint's wireless business, PCS, reported a loss of $86 million, or 9 cents per share, compared with a loss of $182 million, or 18 cents per share, last year.
Sprint PCS reported revenue of $3.4 billion, up from $2.95 billion last year.
Sprint plans to recombine its PCS and FON tracking stocks Friday, and will trade only under the FON symbol. Combined and excluding one-time items, Sprint said it earned 15 cents per share in the quarter, compared with 7 cents per share last year.
Analysts surveyed by Thomson First Call were expecting earnings of 15 cents per share for Sprint's consolidated operations, including a loss of 9 cents per share for PCS.
Gary Forsee, Sprint's chairman and chief executive officer, said in a news release that he was encouraged by the company's performance.
"We clearly have a solid footing for strong performance throughout 2004," Forsee said.
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On the Net:
Sprint: http://www.sprint.com/
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