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Question of the Day
ALBANY — New York Attorney General Eric Schneiderman sued Sprint-Nextel Corp. on Thursday, claiming it deliberately under-collected and underpaid $100 million in sales taxes to keep its competitive prices down.
The lawsuit in state Supreme Court was the first filed under a state law allowing the government to sue over tax losses from fraud. It could require the company to pay triple the amount it is accused of underpaying.
“We’re seeking to ensure that Sprint, not its customers, is liable for all back taxes,” Mr. Schneiderman said. His attorneys will also try to ensure in court that any affected customers can switch to other phone companies without paying early contract termination fees, which usually exceed $200.
Sprint said it collected taxes and paid “every penny” it believes its customers owe. “This complaint is without merit and Sprint categorically denies the complaint’s allegations,” spokesman John Taylor said.
Coal miner Peabody 1st quarter earnings slip
ST. LOUIS — Coal miner Peabody Energy Corp. says its profit slipped in the first three months of this year despite a 48-percent jump in revenues from its key Australian operations.
The world’s biggest private-sector coal company says its net income attributable to common shareholders was $172.7 million, or 63 cents per share, down from $176.5 million, or 65 cents, a year earlier.
St. Louis-based Peabody’s revenue rose 17 percent to $2.04 billion from $1.74 billion last year.
On average, analysts polled by FactSet expected Peabody to earn 55 cents per share on revenue of $2.08 billion.
Peabody forecast second-quarter adjusted diluted earnings at 40 to 65 cents per share, reflecting lower pricing for coal used in steelmaking and electricity generation.
Peabody shares rose 59 cents, or 2.1 percent, in premarket trading.
• From wire dispatches and staff reports
By Michael P. Orsi
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