Market Updates
Sprint Nextel Profit Drops 95%
Elena
08 Aug, 2007
New York City
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The steep profit decline was attributed to higher merger expenses, a lower contribution from operations, WiMAX-related costs and increased net interest expenses. However, excluding discontinued operations, merger and severance costs the communications company posted earnings of 25 cents a share, compared with 32 cents last year.
[R]8:00AM Sprint Nextel reported 95% earnings drop in Q2 on higher costs.[/R]
Sprint Nextel Corp. ((S)) said its Q2 earnings dropped 95% to $19 million, or 1 cent a share, compared with $370 million, or 12 cents, a year earlier. The steep profit decline was attributed to higher merger expenses, a lower contribution from operations, WiMAX-related costs and increased net interest expenses.
However, excluding discontinued operations, merger and severance costs, investment gains and losses on the early retirement of debt, the communications company posted earnings of 25 cents a share, compared with 32 cents last year. Sprint Nextel’s Q2 net operating revenue rose 1.5% to $10.16 billion from $10.01 billion a year ago.
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