Sprint Posts Wider Q2 Loss - Quick Facts

(RTTNews) - Sprint Corp. (S) reported Sprint Nextel's second quarter results. Net Loss for the quarter was $1.60 billion or $0.53 per share, compared to a loss of $1.37 billion or $0.46 per share, last year. Loss before income taxes were $1.54 billion, compared to $1.35 billion prior year.

OIBDA decreased to $758 million from $1.27 billion last year. Adjusted OIBDA was $1.42 billion, compared to $1.45 billion prior year.

The company noted that its results for the quarter included, pre-tax, accelerated depreciation of approximately $430 million and noncash charges of $623 million related to the Nextel platform shutdown. The prior year second quarter results included pre-tax, accelerated depreciation of $782 million and noncash charges of $184 million related to the thinning of the Nextel platform. Net loss and diluted net loss in the year-ago period also included a pre-tax impairment of $204 million related to Sprint's investment in Clearwire.

Net operating revenues rose to $8.88 billion, from $8.84 billion prior year. Sprint platform wireless service revenue increased 8 percent year-over-year to highest-ever of $7.2 billion. Analysts polled by Thomson Reuters expected the company to report revenue of $8.69 billion for the quarter. On a stand-alone basis, Sprint increased its 2013 Adjusted OIBDA forecast to between $5.5 billion and $5.7 billion. The company's previous forecast was for Adjusted OIBDA to be at the high end of between $5.2 billion and $5.5 billion and did not include the dilutive effects of the SoftBank and Clearwire transactions, which are estimated to be approximately $400 million, subject to finalization of fair values. Including the impacts of these transactions, the company now expects 2013 Adjusted OIBDA to be between $5.1 billion and $5.3 billion.