Sprint Q1 F2017 earnings and Pfizer Q2 2017 earnings were released before opening bell this morning. Sprint swung to profit in the first quarter of its fiscal 2017, posting earnings of 5 cents per share on $8.16 billion in revenue, while analysts had been expecting losses of 1 cent per share on $8.17 billion in revenue. In last year’s first quarter, the mobile carrier reported losses of 8 cents per share on $8 billion in revenue.
Pfizer posted adjusted earnings of 67 cents per share on $12.9 billion in revenue, compared to the consensus estimate of 65 cents per share and $13.1 billion in sales. In last year’s second quarter, the drug maker reported adjusted earnings of 64 cents per share on $13.15 billion in revenue.
Sprint Q1 F2017 earnings
The Sprint Q1 F2017 earnings report was the first in three years in which the company posted net income rather than losses. Adjusted EBITDA rose from $2.5 billion last year to $2.9 billion this year, the highest number in almost a decade. Sprint added 88,000 postpaid phones and 35,000 prepaid phones during the quarter. Total net adds amounted to 61,000.
Sprint also said it plan to cut another $1.3 billion to $1.5 billion in costs in fiscal 2017. The company increased the low end of its adjusted EBITDA guidance to a new range of $10.8 billion to $11.2 billion from the previous outlook of $10.7 billion to $11.2 billion. The company also boosted the bottom of its full-year guidance for operating income, bringing the new range to $2.1 billion to $2.5 billion. The low end of the previous range was $2 billion previously.
After Sprint Q1 F2017 earnings were released, the company’s stock surged in premarket trades, climbing by as much as 3.51% to $8.26.
Pfizer Q2 2017 earnings
On a reported basis, Pfizer Q2 2017 earnings rose to 51 cents per share from 33 cents per share in the year-ago quarter. Innovative Health sales rose to $7.67 billion from $7.1 billion last year, driven by growth in Ibrance and Eliquis while sales of Prevnar declined. Essential Health revenues fell to $5.2 billion from $6 billion last year as the company divested Hospira Infusion Systems. Sales of Prestiq also declined, although Pfizer’s Biosimilars surged 60% on an operational basis driven by the drug Inflectra.
Pfizer also increased the midpoint of its adjusted earnings outlook range by 2 cents, bringing it to $2.54 to $2.60 per share. The drug maker reaffirmed its full-year sales outlook of $52 billion to $54 billion.
After Pfizer Q2 2017 earnings were released, the company’s stock rose by as much as 0.39% to $33.29 in premarket trading.