July 25th 2010
(S) Sprint-Nextel Second Quarter 2010 Earnings Beat – Grows Subscribers
Sprint Nextel (S), the third-largest U.S. wireless carrier, reported second-quarter 2010 adjusted net loss per share of 15 cents, which surpassed the Zacks Consensus Estimate of a net loss of 19 cents. Adjusted earnings excluded a one-time tax related to non-cash charge of $302 million (10 cents per share). Sprint reported its second-quarter results before the market open on July 28.
On a GAAP basis, Sprint posted a net loss of $760 million (25 cents per share), 98% beyond the net loss of $384 million (13 cents) in the year-ago quarter.
Consolidated operating revenue dipped 1% year over year to $8.025 billion due to lower contributions from its wireline and post-paid wireless businesses, which were partially offset by higher revenues from prepaid service and equipment. However, the revenues were modestly higher than the Zacks Consensus Estimate of $8.018 billion.
Adjusted OIBDA (operating income/loss before depreciation, amortization, asset impairments and abandonments) fell 15% year over year to $1.5 billion.