Dividend.com: Sprint Nextel Disconnected

Sprint Nextel Posts $1.62 Billion Fourth-Quarter Loss

Sprint Nextel(S Quote) reported another quarterly loss Thursday, disclosing that the company lost 1.3 million wireless customers during the three-month period.

Sprint reported a fourth-quarter net loss of $1.62 billion, or 57 cents per share, compared with a loss of $29.32 billion, or $10.31 a share, in the same period a year ago. Revenue fell 14% from year-ago levels to $8.43 billion.

Excluding one-time items, Sprint's earnings beat analyst expectations. Disregarding a $1 billion writedown and other items, the company would have lost 1 cent per share, compared with adjusted profit of 23 cents per share in the year-ago period. On average, analysts expected an adjusted loss of 6 cents per share, on revenue of $8.55 billion for the most recent quarter.

During 2008, Sprint lost a net total of 4.5 million mobile subscribers.

The company said it expects the subscriber decline to slow in 2009, due to a positive response to its new phone offerings, as well as its new flat-rate calling plans.

Shares of Sprint have been hit hard and are trading nicely higher so far today. Unfortunately, the stock is still hovering near all-time lows. If the shares can begin to build some momentum, we see overhead resistance coming in around the $4 to $6 price range. We do not currently rate this non-dividend paying stock.

Reliance Steel Shares Surge 20% Despite Fourth-Quarter Profit Drop

Reliance Steel & Aluminum(RS Quote) shares surged Thursday, up more than 20%, after the company reported fourth-quarter and full-year 2008 earnings.