Shares of satellite broadcast network provider Dish Network (DISH - Get Report) gained on Thursday after the company reported third-quarter adjusted earnings that beat analysts' forecasts on stronger subscriber growth of its packaged- and pay-TV content offerings.
The Englewood, Colo.-based company posted net earnings for the quarter ended Sept. 30 of $353 million, or 66 cents a share, vs. $432 million, or 82 cents a share, in the year-ago quarter. Analysts polled by FactSet had been looking for earnings of 60 cents a share.
Revenue for the quarter was $3.17 billion, just shy of the $3.2 billion expected by analysts polled by FactSet.
Dish Network $DISH reports earnings:— TheStreet (@TheStreet) November 7, 2019
EPS: 66 cents
Revenue: $353 million
At the end of the quarter, the company had 12.18 million total pay-TV subscribers, including 9.49 million DISH TV subscribers and 2.69 million Sling TV subscribers. Net pay-TV subscribers increased by approximately 148,000 in the third quarter, compared to a decline of about 341,000 in the third quarter 2018.
The U.S. Justice Department during the summer cleared T-Mobile (TMUS - Get Report) and Sprint (S - Get Report) to merge, on the condition that they sell some assets to Dish, allowing it to become a fourth major U.S. wireless-communications carrier.
The Federal Communications Commission in September formally approved the $26.5 billion deal, paving the way for Dish to beef up its offerings. But some states, including New York, have opposed the deal, saying it will prompt higher prices for consumers - even as the Justice Department has pushed to let the deal go through.
A multistate lawsuit is scheduled to go to trial next month.
Shares of Dish were up 6.12%, or $2.05 a share, at $35.57 in morning trading on Thursday. They ended the trading day Wednesday down 3.23%, or $1.12 a share, at $33.52.