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News > Companies
Sprint wires strong 4Q
February 1, 2000: 9:39 a.m. ET

Earns of 47 cents a share, well above forecasts, on strong wireless sales
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NEW YORK (CNNfn) - No.3 telecommunications and long-distance company Sprint Corp. Tuesday unveiled fourth-quarter and full-year earnings that beat Wall Street forecasts, as strong sales of its wireless products and services offset losses at its high-speed voice and data network.
    Net income rose 3 percent to $416 million, or 47 cents a diluted share, up from $404 million, or 40 cents, a year earlier. Analysts polled by First Call Corp. had expected Sprint (FON: Research, Estimates) to earn 38 cents a share. The year-earlier results included a 7-cent charge related to losses at the company's high-speed voice and data services unit, known as ION.
    Profit from operations, which excludes various gains and charges that affect the company's bottom line, fell to $431 million, or 49 cents a share, from $454 million, or 45 cents, a year earlier.
    For the year, Sprint earned $1.6 billion, or $1.78 a diluted share, up from pro forma profit of $1.54 billion, or $1.77, a year earlier.
    Revenue rose 8 percent to $4.41 billion from $4.08 billion.
    Kansas City-based Sprint reported pro forma results for the previous year to account for the spin-off of Sprint PCS (PCS: Research, Estimates), its mobile phone subsidiary, into a separate tracking stock.
    Strong sales of its wireless products and services helped boost the bottom line in the latest quarter, even though Sprint's now public subsidiary, Sprint PCS, posted a loss. ION, also contributed to declines from a year ago.
    Sprint PCS posted a net loss of $706 million, or 75 cents a share, compared to an operating loss of $616 million, or 72 cents, a year earlier. A charge of $31 million, or 4 cents a share, resulted in a net loss of $647 million, or 76 cents a share, in the prior-year quarter.
    Sprint, which last fall agreed to be acquired by MCI WorldCom for $129 billion, rose 4-3/8 Monday to 64-5/8. Sprint PCS shares surged 9-1/16 Monday to 110-1/16. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.