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Sprint hurdles 2Q forecasts
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July 21, 1998: 8:44 a.m. ET
Strong long-distance revenues lift company past Wall Street estimates
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NEW YORK (CNNfn) - Sprint Corp. reported second-quarter earnings Tuesday of $214 million, beating Wall Street estimates.
The telephone service provider said its net income equaled 50 cents a share, ahead of First Call estimates of 47 cents a share for the quarter. Second-quarter revenue climbed 8.2 percent to $3.97 billion from $3.67 billion a year earlier.
In last year's second quarter, Sprint earned $256 million, or 59 cents a share.
Sprint said this year's second-quarter results include after-tax losses of 53 cents a share from joint ventures and emerging businesses. The company incurred after-tax losses of 30 cents a share in the second quarter a year ago.
Excluding those losses, Sprint reported operating earnings of $753 million, or $1.03 a share, compared with $653 million, or 92 cents a share, in the year-ago period.
The company attributed its earnings gain to strong results in its long-distance division.
"Each major customer segment -- residential, business and wholesale -- showed continued progress," said William Esrey, Sprint chairman and chief executive officer.
Sprint (FON) shares slipped 1/4 to close at 73 in Monday trading. 
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Sprint
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