Shares of Sprint (S) are off almost 5% to $16.30, a 52-week low.
Consolidated net operating revenues in the quarter were $10 billion compared to $10.5 billion in the year-ago third quarter Net income in the quarter was $64 million or 2 cents diluted earnings per share, which compares to $279 million or 9 cents diluted earnings per share (EPS) in the year-ago period.
Sprint reported a net decline of 60,000 total wireless subscribers in the third quarter. That contrasts with substantial additions of new subscribers at rivals Verizon Wireless and AT&T (T).
Sprint continues to expect full-year consolidated revenues to be slightly below $41 billion and Adjusted OIBDA to be slightly below $11 billion. The company expects net customer additions to continue to be pressured in the fourth quarter. Full-year 2007 capital investments are now expected to be in the mid $6 billion range compared to prior expectations of approximately $7.2 billion. The company also noted that it is removing its previous double-digit growth guidance for 2008 OIBDA, and that it expects to comment on the 2008 outlook early next year. Adjusted OIBDA is defined as operating income before depreciation, amortization, severance, exit costs and asset impairments, and special items
Douglas A. McIntyre
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
