Newspaper article THE JOURNAL RECORD

Earnings Roundup

Newspaper article THE JOURNAL RECORD

Earnings Roundup

Article excerpt

Sprint profits fall more than expected

KANSAS CITY, Mo. (AP) -- Sprint's third quarter profit shrank more than expected despite an 18 percent improvement in revenues for the three-month period, which ended just days before the company agreed to be acquired by MCI WorldCom for a record $115 billion.

Sprint's FON Group, which includes traditional calling services and the newer Sprint ION data unit, reported a third quarter profit of $359 million, or 41 cents per share. That was 1 cent shy of forecasts, according to First Call/Thomson Finanacial, and 13 percent below the net profit of $415 million or 47 cents a share from the third quarter of 1998. Revenues for the just-ended quarter totaled $4.3 billion, up 7 percent from $4 billion in last year's third quarter.

For the nine months ended Sept. 30, Sprint FON Group earned $1.5 billion or $1.33 per share, compared to $1.1 billion, or $1.31 per share in the same period a year earlier.Revenues improved to $12.76 billion from $11.88 billion.

Sprint PCS, the mobile calling operation that became a separate unit late last year, lost $615 million or $1.31 per share in the third quarter, including spending of $608 million to expand the wireless network. The loss was wider than the $1.23 a share expected by most analysts and larger than 1998's third quarter loss of $176 million or $1.04 per share. The wireless unit's third quarter revenues totaled $844 million, up from $320 million a year ago -- before Sprint PCS bought back ownership interests held by Tele- Communications, Comcast and Cox Communications.

Sprint PCS' nine-month loss totaled $1.79 billion, or $3.92 per share. That compares with $474 million, or $2.99 cents per share, in the same period of 1998. Nine-month revenues increased to $2.18 billion from $788 million last year.

IBM profits up for third quarter

NEW YORK (AP) -- IBM's third quarter profit grew 14 percent as the e-commerce explosion drove demand for computer software and services. …

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