Sprint Corp (NYSE:S) reported its latest quarterly earnings results after the bell Wednesday, which topped expectations, and the company also appointed a new CEO.
The carrier announced fourth quarter earnings of 2 cents per share, 9 cents better than the Wall Street consensus estimate of a loss of 7 cents per share. The company also posted revenue of $8.08 billion, beating the $8 billion that analysts were calling for.
Sprint’s fiscal 2017 included 606,000 postpaid phone net additions, which marks its third consecutive year of postpaid net additions and its highest postpaid phone gross additions in six years. Its fiscal fourth quarter postpaid phone net additions of 55,000 marked its 11th consecutive quarter of net additions.
Sprint’s fiscal 2017 net income was $7.4 billion, with operating income of $2.7 billion and adjusted EBITDA of $11.1 billion, marking its first net income in 11 years, even when excluding $7.1 billion of one-time favorable impact from tax reform. The company’s fourth quarter net income was $69 million, operating income was $236 million and adjusted EBITDA* was $2.8 billion.
The company also announced that its Board of Directors appointed CFO Michael as the new CEO, while acting CEO Marcelo Claure will be the carrier’s new executive chairman. “Marcelo has…positioned Sprint as a leader in the race to 5G, which promises to revolutionize the communications industry. He will continue to guide Sprint’s strategy and momentum as Executive Chairman through a successful closing with T-Mobile,” Masayoshi Son, chairman and CEO of SoftBank Group said in a statement.
S shares gained about 1.7% after the bell Wednesday.
