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EchoStar Profit Surges

The satellite TV broadcaster meets Wall Street targets.
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posted a solid second-quarter profit as the satellite TV provider added 225,000 net new subscribers.

For the second quarter ended June 30, EchoStar made $856 million, or $1.79 a diluted share, up from the year-ago $85 million, or 18 cents a share. Latest-quarter earnings were bolstered by a gain of $593 million to recognize the tax benefits of previously reported tax losses.

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Revenue rose 18% from a year ago to $2.1 billion, in line with the Thomson First Call analyst consensus estimate.

Early Tuesday, EchoStar rose 63 cents to $30.02.