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News > Companies
Sprint cuts guidance
May 15, 2001: 8:14 p.m. ET

No. 3 U.S. long distance company warns again on FON group earnings
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NEW YORK (CNNfn) - Sprint Corp. cut the second quarter and 2001 profit guidance for its non-wireless operating group for the second time in a month Tuesday, saying it expects to see continued higher bad debt from wholesale customers and reduced wholesale demand.

The Kansas City, Mo.-based company now expects earnings before interest, taxes, depreciation and amortization for its FON Group to be between $4.3 billion and $4.4 billion for 2001.

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Sprint (FON: Research, Estimates) expects second quarter diluted earnings for the FON Group to be in the range of 28 to 30 cents per share, and in the range of $1.13 and $1.18 for the year.

Analysts surveyed by First Call had expected the company to earn 32 cents per share on average for the second quarter and $1.29 for 2001.

Sprint already warned on 2001 guidance in April when it reported first quarter results.

Shares of the company fell 6 cents to $21.58 on the New York Stock Exchange Tuesday. graphic




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