Sprint Q1 Gets A Boost…From Boost Mobile; Stk Rallies

Sprint (S) posted better-than-expected results for the first quarter , thanks to the strong demand for its iDEN -based pre-paid Boost Mobile service. For the quarter, Sprint reported revenue of $8.21 billion, a hair ahead of the Street at $8.28 billion, though down 12% from a year ago. The company posted adjusted EPS of 3 cents a share before amortization, which compared to Street estimates for a loss of 5 cents a share. GAAP net loss was $594 million, or 21 cents a share. Sprint’s overall wireless customer count dropped by 182,000, including net losses of 1.25 post-paid customers, offset by a net gain of 764,000 pre-paid iDEN customers. For the full year, the company said that pre-paid, post-paid and total subscriber losses should improve in 2009 compared to 2008. Sprint still says 2009 cap ex will be comparable to 2008. The companes expects to continue to generate positive free cash flow during the rest of this year, driven by growth in Boost’s monthly unlimited plan.  ... (link)