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DISH Network Corp. reported third-quarter 2017 results, wherein the bottom and top line lagged the Zacks Consensus Estimate.
DISH Network’s net income was $297.37 million, down from $318.45 million in the year-ago quarter. Third-quarter 2017 adjusted earnings per share of 57 cents lagged the Zacks Consensus Estimate of 60 cents.
DISH Network Corporation Price, Consensus and EPS Surprise
Total revenues were approximately $3,583.45 million, down 4.9% year over year and below the Zacks Consensus Estimate of $3,597 million.
Segment-wise, subscriber-related revenues grossed $3,551.05 million, down 4.8% year over year. Equipment sales & other revenues totaled $32.4 million, down 9.9% year over year.
Operating Metrics
In the reported quarter, operating expenses were more than $3,134.40 million compared with $3,244.81 in the year-ago quarter. Operating income was $449.05 million compared with $522.66 million in the prior-year quarter. EBITDA in the quarter under review was $680.75 million compared with $736.52 million in the prior-year quarter.
Cash Flow
In the first nine months of 2017, DISH Network generated $2,227.08 million of net cash from operations compared with $2,191.46 million in the prior-year period. Free cash flow in the reported period was $1,133.93 million compared with $1,158.09 million in the year-ago period.
Liquidity
At the end of the third quarter, DISH Network had $1,582.85 million of cash and marketable securities and $16,360.61 million of outstanding debt on its balance sheet compared with $5,324.50 million and $16,483.64 million, respectively, at the end of 2016.
Subscriber Statistics
As of Sep 30, 2017, DISH Network had approximately 13.203 million Pay-TV subscribers compared with 13.643 million at the end of third quarter 2016. The company gained net 16,000 pay-TV subscribers compared with a loss of 116,000 in the year-ago quarter. In the reported quarter, the company also removed approximately 145,000 subscribers from the regions of Puerto Rico and the U.S. Virgin Islands, due to the impact of Hurricane Maria.
In third-quarter 2017, DISH Network activated approximately 638,000 gross new pay-TV subscribers, compared with approximately 736,000 subscribers in the prior-year quarter.
Moreover, DISH Network lost 50,000 broadband subscribers in the reported quarter compared with a loss of 20,000 in the year-ago quarter. As of Sep 30, 2017, DISH Network had 459,000 broadband subscribers, down 22.6% year over year.
Pay-TV subscriber churn rate was 1.57% versus 2.11% in third quarter 2016. Pay-TV ARPU (average revenue per user) totaled $87.23, compared with $89.44 in the year-ago quarter. Pay-TV average subscriber acquisition cost was $554, down from $620 in the year-ago quarter.
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DISH Network (DISH) Lags Q3 Earnings & Revenue Estimates
DISH Network Corp. reported third-quarter 2017 results, wherein the bottom and top line lagged the Zacks Consensus Estimate.
DISH Network’s net income was $297.37 million, down from $318.45 million in the year-ago quarter. Third-quarter 2017 adjusted earnings per share of 57 cents lagged the Zacks Consensus Estimate of 60 cents.
DISH Network Corporation Price, Consensus and EPS Surprise
DISH Network Corporation Price, Consensus and EPS Surprise | DISH Network Corporation Quote
Revenues
Total revenues were approximately $3,583.45 million, down 4.9% year over year and below the Zacks Consensus Estimate of $3,597 million.
Segment-wise, subscriber-related revenues grossed $3,551.05 million, down 4.8% year over year. Equipment sales & other revenues totaled $32.4 million, down 9.9% year over year.
Operating Metrics
In the reported quarter, operating expenses were more than $3,134.40 million compared with $3,244.81 in the year-ago quarter. Operating income was $449.05 million compared with $522.66 million in the prior-year quarter. EBITDA in the quarter under review was $680.75 million compared with $736.52 million in the prior-year quarter.
Cash Flow
In the first nine months of 2017, DISH Network generated $2,227.08 million of net cash from operations compared with $2,191.46 million in the prior-year period. Free cash flow in the reported period was $1,133.93 million compared with $1,158.09 million in the year-ago period.
Liquidity
At the end of the third quarter, DISH Network had $1,582.85 million of cash and marketable securities and $16,360.61 million of outstanding debt on its balance sheet compared with $5,324.50 million and $16,483.64 million, respectively, at the end of 2016.
Subscriber Statistics
As of Sep 30, 2017, DISH Network had approximately 13.203 million Pay-TV subscribers compared with 13.643 million at the end of third quarter 2016. The company gained net 16,000 pay-TV subscribers compared with a loss of 116,000 in the year-ago quarter. In the reported quarter, the company also removed approximately 145,000 subscribers from the regions of Puerto Rico and the U.S. Virgin Islands, due to the impact of Hurricane Maria.
In third-quarter 2017, DISH Network activated approximately 638,000 gross new pay-TV subscribers, compared with approximately 736,000 subscribers in the prior-year quarter.
Moreover, DISH Network lost 50,000 broadband subscribers in the reported quarter compared with a loss of 20,000 in the year-ago quarter. As of Sep 30, 2017, DISH Network had 459,000 broadband subscribers, down 22.6% year over year.
Pay-TV subscriber churn rate was 1.57% versus 2.11% in third quarter 2016. Pay-TV ARPU (average revenue per user) totaled $87.23, compared with $89.44 in the year-ago quarter. Pay-TV average subscriber acquisition cost was $554, down from $620 in the year-ago quarter.
DISH Network faces intense competition in the pay-TV market from rival players like AT&T Inc. (T - Free Report) , Comcast Corp. (CMCSA - Free Report) and Charter Communications Inc. (CHTR - Free Report) . The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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