| Earnings Scorecard |
| Actual | Estimated* | Year-Ago |
| $0.41 | $0.39 | $0.47
|
 |
Sprint (FON Quote - Cramer on FON - Stock Picks) posted fourth-quarter earnings that fell from their year-ago levels, despite sprinting two cents ahead of analysts' expectations, as grueling long-distance competition offset strong sales of data and wireless services.
The holding company of
Sprint PCS(PCS Quote - Cramer on PCS - Stock Picks), which
reported earnings separately this morning, said fourth-quarter operating earnings were $359 million, or 41 cents a share, down from $417 million, or 47 cents a share, a year ago. According to a survey on
First Call/Thomson Financial, 14 analysts expected fourth-quarter earnings of 39 cents a share.
During its conference call before the bell this morning, the telephone giant projected 2001 earnings per share of $1.65 to $1.75, a range that falls at the low end of its previous guidance. Analysts on average expect 2001 earnings of $1.66. Sprint also said it sees first-quarter earnings per share in the "upper 30-cent range," down from 48 cents a year ago and First Call's 44-cent estimate.
Revenue for the fourth quarter was $4.39 billion, down slightly from $4.42 billion in the same period a year ago. Internet revenue during the fourth quarter grew 25% to $244 million from $195 million a year ago.
Kansas City, Mo.-based Sprint also said it recorded a $238 million charge in the fourth quarter, due primarily to a write-down of goodwill and the $163 million of costs associated with its proposed merger with
Worldcom (WCOM Quote - Cramer on WCOM - Stock Picks), which the companies since terminated.
Shares of Sprint closed at $24.80 on Wednesday's trading on the
New York Stock Exchange, down significantly from its 52-week high of $67.
Yi Ping Ho
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