Sprint Corporation

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  • Wed, Jan. 27, 10:09 AM
    • Sprint (NYSE:S) is up 2.3% and has touched $3.21 this morning, its highest point in two weeks, as Oppenheimer has upgraded it out of earnings to Market Perform, from Underperform.
    • The network's getting better even as it cuts costs, Timothy Horan says, after a solid quarter -- and the firm believes M&A activity is "possible." He has a $2.99 price target.
    • More important, he sees free cash flow going positive in 2017 despite a current high burn of about $500M.
    • "Positively, the network is improving, and this should continue, and subscriber trends have stabilized, although with lower ARPU and declining prepaid, both of which should persist for another few quarters," he writes. "Sprint also now has a greatly improved liquidity position (vendor and handset financing). The company also has some price increases kicking in starting in February."
    • Sprint had gained strongly after yesterday morning's early earnings release showed gains in subscribers and lower costs along with a raised outlook.
    • Previously: Sprint call: Talking customer quality, calming network worries (Jan. 26 2016)
    • Previously: Sprint jumps 15.1% as Q3 adds subscribers, beats profit expectations (Jan. 26 2016)
    | Wed, Jan. 27, 10:09 AM | 48 Comments
  • Tue, Jan. 26, 12:45 PM
    | Tue, Jan. 26, 12:45 PM | 2 Comments
  • Tue, Jan. 26, 10:39 AM
    • Sprint (NYSE:S) is up 12.7% now after fiscal Q3 results where the company raised its outlook and added subscribers, though a heavy promotional approach has interest turning to future cash flows.
    • It added 501,000 net postpaid connections; 366,000 net postpaid phone adds, not far off Verizon's 449,000 (but well behind T-Mobile). Postpaid churn dropped, but on the company's earnings call, CFO Tarek Robbiati suggested that's not the only measure of customer base quality: "Bad debt is a measure of that quality" also, he says: "We're not bottom fishing." CEO Marcelo Claure concurred: "We're pretty much happy with the type of customers we're bringing."
    • Claure didn't offer details about network plans, but countered media reports of a massive network overhaul: It's "not a rip and replace strategy ... we are deploying small cells" based on data.
    • Wells Fargo's Jennifer Fritzsche -- who was eager to hear the results since the "story is not that bad" -- said the real story of Q3 is liquidity. "By offering FY2016 guide which implies 25% y/y growth, and confidence in future tranches and new network financing facility, we believe it should give enough confidence to the market about S’s liquidity position and its ability to handle future maturities. This is KEY to the story, and we look for color regarding FCF timing and more details surrounding network financing."
    • On the call, Robbiati alluded to concerns about free cash flow timing, suggesting that the company's leasing model plays a role there as well as execution timing on the company's cost reductions.
    • Previously: Sprint jumps 15.1% as Q3 adds subscribers, beats profit expectations (Jan. 26 2016)
    • Previously: Sprint reports FQ3 results (Jan. 26 2016)
    • Previously: Sprint -11.2% as it plans to cut 7% of workforce (Jan. 25 2016)
    | Tue, Jan. 26, 10:39 AM | 17 Comments
  • Tue, Jan. 26, 9:22 AM
    | Tue, Jan. 26, 9:22 AM | 4 Comments
  • Tue, Jan. 26, 8:59 AM
    • Sprint (NYSE:S) is up 15.1% premarket after fiscal Q3 results it wanted to report: subscribers up, costs down, and an expectation to return to operational profit within weeks.
    • The carrier posted a loss of $836M -- $0.21/share -- narrower than a year-ago loss of $2.38B, and better than an expected loss of $0.25/share. Adjusted EBITDA of $1.9B easily topped an expected $1.38B, and it raised guidance on EBITDA for the fiscal year from a previous range of $6.8B-$7.1B to a new range of $7.7B-$8B.
    • Revenue of $8.11B was down nearly 10% and trailed expectations for $8.23B. Breakout: Service revenues, $6.68B (down 8.1%); equipment revenues, $1.42B (down 16.3%).
    • It added 501,000 net postpaid connections, up from a year-ago 30,000 adds. Prepaid connections fell by 491,000. It ended the quarter with 30.9M postpaid connections and postpaid churn of 1.62% -- down from a year-ago 2.3% and its lowest ever Q3 postpaid churn.
    • Its cost-cutting moves, including 7% cuts to its workforce announced yesterday, have it raising its outlook. For full fiscal 2015, it expects operating income of $100M-$300M, bumped from its previous forecast of -$50M to $250M. Its early expectation for fiscal 2016 EBITDA is $9.5B-$10B.
    • Press release
    • Previously: Sprint -11.2% as it plans to cut 7% of workforce (Jan. 25 2016)
    | Tue, Jan. 26, 8:59 AM | 18 Comments
  • Tue, Jan. 26, 7:37 AM
    • Sprint (NYSE:S): FQ3 EPS of -$0.21
    • Revenue of $8.11B (-9.6% Y/Y)
    • Press Release
    | Tue, Jan. 26, 7:37 AM | 6 Comments
  • Mon, Jan. 25, 5:30 PM
    | Mon, Jan. 25, 5:30 PM | 13 Comments
  • Mon, Jan. 25, 3:48 PM
    • A morning of solid gains has slipped away with Sprint (NYSE:S) falling into the close, -11.2%, on news that it's cutting 2,500 jobs.
    • That amounts to about 7% of total staff, and is its third round of reductions in less than two years. The moves had largely been expected by this week as Sprint pursues $2.5B in cost cuts.
    • The cuts will come mostly to customer-care staff, and Sprint will close several call centers.
    • SoftBank (OTCPK:SFTBY) is off 2.8% in late U.S. trading. Its shares had closed up 2.4% in Tokyo on Monday -- logging its biggest intraday rally since spring 2014 -- after Sprint's note that it would release earnings tomorrow (a week earlier than expected) to assuage investor concerns about its decline. Sprint has fallen 31% already in 2016 and is down 47% over the past three months.
    • Previously: Sprint moves Q4 earnings report a week earlier to settle concerns (Jan. 21 2016)
    • Previously: SoftBank hurting as Sprint shares, debt hit multiyear lows (Jan. 20 2016)
    | Mon, Jan. 25, 3:48 PM | 35 Comments
  • Thu, Jan. 21, 8:07 PM
    | Thu, Jan. 21, 8:07 PM | 39 Comments
  • Wed, Jan. 20, 8:02 PM
    • With Sprint (NYSE:S) taking another hit today, down 7.6% for its third straight losing session, owner SoftBank (OTCPK:SFTBY) is feeling the pain as well -- down 7.7% and on its own third straight day of declines.
    • Shares of SoftBank fell for the fourth straight day in Tokyo, to its lowest level since April 2013, and Sprint is at its lowest level in more than two years.
    • Sprint debt is taking a hit; its bonds led junk debt in declines today, with 7% bonds due 2020 dropping 8.25 cents on the dollar to 60.75 cents.
    • SoftBank has said it may take a charge of up to $1.2B in its next earnings report.
    • After hours: OTCPK:SFTBY -2.8%; S -0.8%.
    | Wed, Jan. 20, 8:02 PM | 37 Comments
  • Tue, Jan. 19, 5:04 PM
    • After largely holding up today following a Friday tumble, Sprint (NYSE:S) sank in late afternoon to finish down another 8.5% today and hit another new 52-week low.
    • Sprint fell nearly 10% Friday after a Re/code report detailing an ambitious plan to relocate equipment from private towers to government-owned spaces -- though earlier, analysts like Jonathan Schildkraut noted that there are years left on some contracts.
    • Tower firms largely bounced back after declining along with Sprint Friday; AMT finished up 2.9%; CCI up 0.5%; while SBAC closed down 1.2%.
    • Analysts today lined up with some skepticism: "What is going on and why is Sprint OK with confusion about their network strategy?" asks BTIG's Walter Piecyk. Using wireless backhaul could work, he says, "however, we are highly skeptical of a strategy that cuts the coverage and broad capacity offered by the macro cell site layer ... In addition, the macro cell sites can be important aggregation points to handle the wireless backhaul of small cells."
    • And potential savings might not be what they seem, says Cowen's Colby Synesael -- any real estate costs money: "The cost of land is not from our understanding a key component of what drives the overall cost for tower rental fees."
    • Previously: Cell tower firms bouncing back after declines on Sprint overhaul report (Jan. 19 2016)
    • Previously: Sprint -9.9% as it plans 'radical' network overhaul; tower firms dip (Jan. 15 2016)
    | Tue, Jan. 19, 5:04 PM | 54 Comments
  • Fri, Jan. 15, 5:32 PM
    • Sprint (S -9.9%) has a "radical" plan to overhaul its cell network that could save up to $1B -- but might result in hiccups along the way.
    • The carrier plans to relocate radio equipment from towers leased from private companies, namely Crown Castle (CCI -5.8%) and American Tower (AMT -4.2%), onto cheaper properties owned by the government, Re/code reports.
    • It's also hoping to reduce its dependency on backhaul from AT&T (T -0.9%) and Verizon (VZ -1%) by using microwave technology a la Clearwire instead. The company cuts annual checks of $1B for backhaul to the two rivals.
    • One source says the company's "Next Generation Network" will result in a new wave of disruptions and could end up with less coverage in regions where Sprint has few subscribers: “Getting there is going to be a nightmare ... It’s going to be very, very disruptive.”
    • Sprint will lease towers from privately held Mobilitie, which will locate where possible on government-owned ROW.
    • “Sprint’s plan is not for the faint of heart,” Wells Fargo's Jennifer Fritzsche writes in a note. “Sprint needs to be solely focused on avoiding mistakes of the past, where network overhauls caused major disruptions in the network’s performance.”
    | Fri, Jan. 15, 5:32 PM | 107 Comments
  • Thu, Jan. 14, 10:47 AM
    • Sprint (NYSE:S) has named Karen Paletta its president of the tri-state New York City/New Jersey/Central Pennsylvania and Delaware region.
    • Paletta is a company veteran with nearly two decades leading sales, distribution and operations functions. She'll be responsible for sales strategy, network oversight, customer service, marketing communications and general operations in the region.
    • Her turf will be part of the company's new Northeast geographic area, encompassing more than 980 owned for branded Sprint retail stores.
    • Shares are rebounding today, +2.6%, from a 7.4% decline yesterday that outpaced the market's drop. So far in 2016, shares are down 14.3%.
    • Update: Sprint has named five other regional presidents as part of its reorg.
    | Thu, Jan. 14, 10:47 AM | 35 Comments
  • Mon, Jan. 11, 9:06 AM
    • With the unlimited data plan slowly dying among U.S. wireless providers, AT&T (NYSE:T) is bringing it back -- but as a promotion to boost its TV business.
    • Shares are up 0.5% in premarket action.
    • The company is offering its first chance in five years to sign up for unlimited wireless data, provided customers commit to DirecTV or U-verse.
    • Subscribers can get the wireless plan for $100/month, with additional smartphones at $40. A fourth smartphone can be added for no extra cost.
    • The move hints at a response to T-Mobile (NASDAQ:TMUS), which has made video streaming free on its wireless platform via a "Binge On" promotion, as well as to Verizon's (NYSE:VZ) Go90 video service. AT&T confirms it "plans to launch a wide-range of new video entertainment options later this year."
    • Sprint (NYSE:S), along with T-Mobile, still offers an unlimited option, though it raised its price on the plan in September. AT&T raised prices on its grandfathered unlimited plans in November, following Verizon's increase in October.
    | Mon, Jan. 11, 9:06 AM | 17 Comments
  • Thu, Jan. 7, 4:50 PM
    • An afternoon rout helped push Sprint (NYSE:S) down 6.7% -- now just 8% over its 52-week low of $3.10 -- the opposite direction from T-Mobile (TMUS +1.2%), again today the only one of the big four wireless providers to gain.
    • Shareholders might take heed of Bernstein's latest report on the area, which says that even with the interest floated by cable companies, satellite firms and foreign entrants, Sprint and T-Mobile are more likely to rekindle merger talks with each other than anyone else.
    • Most observers have thought that after a failed run in 2014, any new merger talks would wait until a new presidential administration, and indeed: "The prospect of a Sprint/T-Mobile merger — the only transaction that can materially affect the mobile sector's structure, conduct, and performance — will remain an overhang throughout most of the year," says Bernstein's Paul de Sa.
    • What's more, he writes, "We think major, irreversible strategic moves (for example, a massive network investment by Sprint or the sale of a majority stake of T-Mobile or Sprint to another owner, such as Dish Network (DISH -2.1%) or cable) is unlikely to occur" until there's more clarity about a possible merger between the two.
    • Such a deal has "by far" the largest cost and revenue synergies of the possible transactions, he says.
    | Thu, Jan. 7, 4:50 PM | 59 Comments
  • Wed, Jan. 6, 4:29 PM
    • With a market stuck in the mire today after FOMC minutes showed a "close call" on its rate hike decision, Sprint (NYSE:S) was the only member of the big four wireless providers to finish in positive ground, up 0.3%.
    • The company today said it was extending its expiring aggressive half-off promotion for another month, through Feb. 11. It'll continue offering 50% off standard plans for switchers from AT&T, Verizon and T-Mobile, and paying up to $650/line in switching fees. The response "has been oustanding," says CEO Marcelo Claure.
    • Meanwhile, it looks like Sprint may be about to become the latest carrier to ditch two-year contracts and device subsidies. An insider report says after a Friday deadline, customers would only be able to pay full retail price on devices or finance them via installment programs.
    | Wed, Jan. 6, 4:29 PM | 27 Comments
Company Description
Sprint Corp is a communications company offering wireless and wireline communications products and services to individual consumers, businesses, government subscribers and resellers.