EchoStar Rallies on Sub Gains
EchoStar (DISH) posted a second-quarter profit Tuesday and set plans to buy back up to $1 billion in stock.
The Englewood, Colo., provider of satellite television service said earnings for the quarter ended June 30 fell to $85 million, or 18 cents a share, from the year-ago $129 million, or 27 cents a share. Revenue rose 26% from a year ago to $1.78 billion.
The latest-quarter numbers fell shy of Wall Street's bottom-line expectations of 22 cents per share, but were above the Thomson First Call analyst revenue estimate of $1.67 billion.
On Tuesday afternoon, shares of EchoStar were up $1.74, or 6.4%, at $29.Earnings before interest, taxes, depreciation and amortization -- a widely followed cash flow measure -- amounted to $296 million, just shy of the $298 million First Call median forecast. EchoStar, operator of the Dish Network satellite service, added 340,000 net new subscribers during the second quarter, giving it a total of 10.1 million at June 30. That's ahead of the 299,000 consensus estimate compiled by Schwab SoundView, but not quite the blowout performance posted by DirecTV DirecTV (DTV), which
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