LITTLE ROCK, Ark.-Alltel Corp. forecast its fully diluted fourth-quarter earnings from current businesses would range between 60 cents and 63 cents per share, with year-end fully diluted results returning between $2.70 and $2.72 per share, in line with analysts’ predictions of $2.71 per share according to a First Call/Thomson Financial survey.
The company also said wireless growth is expected to accelerate as the company projected a net gain of more than 175,000 customers for the fourth quarter, with its year-end customer base exceeding 600,000 subscribers. That customer base is expected to bring in wireless revenue ranging from $885 million to $895 million, delivering between $178 million and $184 million in operating income for the fourth quarter.
ING Barings L.L.C. reiterated its “Buy” rating and $88 year-end 2001 price target for the company. “We believe that fourth-quarter 2000 results at the upper end of the guided range for wireless net additions would provide the visibility needed by investors that Alltel is reigniting the growth in wireless and that the company’s strategy of bundling wireless and wireline is proceeding nicely.”
