Subject: [NEXTEL-1] Nextel Rings Up Solid Quarter.html

From: [email-masked]
Date: Thu, 20 Feb 2003 14:38:10 -0500

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Tech Stocks : Kenneth Li

Nextel Rings Up Solid Quarter

By Kenneth Li
Senior Writer

02/20/2003 11:48 AM EST

Click here for more stories by Kenneth Li

Updated from 7:56 a.m.

Solid execution and a unique technology helped Nextel deliver some of the best financial results in the wireless-services sector for the fourth quarter and full year.

For the quarter, the company swung to a profit on strong sales in the corporate sector. It also managed to achieve free cash flow of $122 million a year, ahead of its own target.

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Investors applauded the results, sending shares up 32 cents, or 2.4%, to $13.80 in early trading. Before the market opened, the company's stock briefly broke through its 52-week high of $14.67.

The nation's fifth-largest carrier earned $1.46 billion, or $1.38 cents a diluted share, in the quarter, compared with a loss of $1.88 billion, or $2.25 a share, in the year-ago period. Sales improved to $2.33 billion from $1.88 billion in the same period a year ago. Net income included a one-time gain from the separation of NII Holdings of $1.2 billion, or $1.24 a share, and a gain of $35 million, or 4 cents a share, from the retirement of debt in the quarter.

Excluding the one-time gains, the company achieved a 21 cent a share net income for the quarter.

For the full year, the company earned $1.66 billion, or $1.88 a share, compared with a net loss of $2.8 billion, or $3.67 a share, last year. Net revenue improved to $8.72 billion from $7.01 billion in the prior year. Excluding the one-time gains, the company earned 27 cents a share for the year.

Wall Street had expected earnings of 11 cents a share on sales of $2.3 billion for the quarter, and a full-year net loss of 14 cents a share on sales of $8.73 billion, according to Thomson Financial/First Call.

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