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 KANSAS CITY, Mo. (AP) - Sprint Nextel Corp. reported Wednesday a 55 percent drop in fourth-quarter income, dragged down largely by expenses related to merger last year that created the company.
The telecommunications carrier also forecast that its 2006 revenue will at least $41 billion or more, while the average estimate has been $46.8 billion. Its shares fell $1.13, or 4.5 percent, to close at $23.80 Wednesday on the New York Stock Exchange.
Sprint Nextel posted a quarterly profit, after preferred dividends, of $195 million, or 7 cents per share. That compared with Sprint Corp.'s earnings of $435 million, or 29 cents per share, in the same period a year ago.
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