took up its estimate of a full-year cash flow metric, citing solid operational trends.
The company, which sells Nextel wireless services in less-populated regions, expects to post adjusted earnings before interest, taxes, depreciation and amortization of $340 million in 2004, up from its previous guidance of $325 million.
The guidance, which follows the completion of a $356 million bond tender that expired May 25, reflects lower-than-forecast net cash from operating activities: $165.2 million instead of $212.9 million, which is more than offset by a lower cash interest expense and a big jump in working capital.
"The preliminary year-to-date results indicate that Nextel Partners is tracking very well with respect to our annual guidance and is actually exceeding initial expectations for Adjusted EBITDA in 2004," the company said.
The stock was up 42 cents, or 2.8%, to $15.75.