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Sprint posts above-forecast third-quarter earnings as telecoms provider gets US tax change boost

The group posted net income for the quarter of US$7.16bn, or US$1.76 per share, a turnaround from a net loss of US$479mln, or a 12 US cents loss per share a year earlier, and much better than the consensus estimate for a loss of 4 US cents

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Sprint said it booked a US$7.1bn non-cash benefit from the recent US tax overhaul, which impacted net income

Sprint Corp. (NYSE:S) shares ran higher in pre-market trading after the telecoms provider reported above-forecast third-quarter earnings boosted by the US tax changes.

The NYSE-listed group posted net income for the quarter of US$7.16bn, or US$1.76 per share, a turnaround from a net loss of US$479mln, or a 12 US cents loss per share a year earlier, and much better than the consensus estimate for a loss of 4 US cents.

READ: SoftBank chairman 'feeling good' about ending Sprint-T Mobile US merger talks

The company said in a statement that it booked a US$7.1bn non-cash benefit from the recent US tax overhaul, which impacted net income.

Sprint’s quarterly revenue was US$8.24bn, down from US$8.55bn a year earlier but above the consensus forecast for US$8.16bn.

The group saw its tenth consecutive quarter of post-paid phone additions, adding 184,000 customers, with 256,000 added on a net post-paid basis.

The company also said it plans to continue to improve its next-gen network and provide a path to 5G wireless connectivity.

In pre-market New York trading, Sprint shares were up 5.7% at US$5.39.

Quick facts: Sprint Corporation

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NYSE:S
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