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
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