EchoStar’s Profit Climbs as It Adds Subscribers
EchoStar Communications Corp.’s third-quarter earnings more than doubled, driven by double-digit revenue growth and the addition of 255,000 net new subscribers during the quarter.
The satellite television broadcaster said net income for the period increased to $208.9 million, or 46 cents a share, from $102.3 million, or 22 cents, a year earlier.
After accounting for stock options, the company earned $205.6 million, or 45 cents a share -- below Wall Street analysts’ average estimate of 47 cents.
Revenue for the period rose 14% to $2.13 billion and included $99 million in equipment sales. EchoStar ended the quarter with 11.71 million subscribers, up from 10.48 million a year earlier.
EchoStar shares fell 64 cents to $26.28.
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