swung to a profit in its fourth quarter on flat revenue and reiterated its 2003 forecasts.
The No. 3 telephone company earned $39 million on revenue of $6.53 billion in the fourth quarter, compared with a loss of $1.23 billion on revenue of $6.52 billion a year ago. The year-ago quarter included restructuring charges and asset writedowns. On a continuing basis, the company said its FON Group earned 28 cents a share in the quarter, or 37 cents excluding one-time items, compared with a loss of $1.06 a share a year ago.
The 37-cent profit was about a penny short of what analysts were forecasting.
Sprint reiterated that it expects FON Group revenue to decline at a low single-digit rate, and revenue in its Global Markets long-distance division to fall at a mid-single digit rate. It expects the FON Group to earn between $1.40 and $1.45 a share for the year.