Sprint has announced consolidated earnings for its wireless and
fixed telecommunications groups of $519m (£335m) in its third
quarter, compared with a loss of $134m (£86m) for the same period
last year. Consolidated revenue was $6.79bn (£4.38bn), an increase
of 3% from last year's $6.57bn (£4.23bn).
Sprint provides detailed results in separate financial reports for
its FON and PCS groups. The Sprint FON group includes the company's
long-distance, local telecoms, product distribution and directory
publishing businesses. The Sprint PCS group consists of Sprint's
wireless operations.
Revenue for the FON group decreased 7% from $4.1bn (£2.6bn) in the
third quarter of 2001 to $3.81bn (£2.5bn). Net income for the group
was $389m (£251m), up 13% from $345m (£222m) a year earlier. Those
numbers exclude one-time items such as restructuring charges and
losses related to the WorldCom bankruptcy.
The PCS group reported a third-quarter loss of $7m (£4.5m),
compared with a loss of $288m (£186m) a year earlier.
Net operating revenue for the PCS Group increased by 19% to $3.16bn
(£2bn), compared with $2.65bn (£1.71bn) a year earlier.
The company trumpeted its improved earnings in what it
characterised as a sluggish economy, calling attention to its
reduced debt and positive cash flow of $500m (£322m).
Sprint is projecting revenue for the year to decline by
approximately 7% for the FON group. Revenue for the PCS group is
expected to increase by about 25% over last year, though that group
is not expected to report positive earnings for the year.