DISH Network reports solid Q2 earnings growth; beats estimates

DISH Network Corp. (DISH) beat analyst estimates on profit numbers for the second quarter of 2018. Revenues came in ahead of expectations despite seeing a decline during the quarter.

DISH reported revenues of $3.46 billion for Q2 2018, down from $3.64 billion in the same period last year, hurt by a lower subscriber count. Subscriber-related revenues came in at $3.42 billion compared to $3.61 billion last year.

Net income attributable to DISH Network was $439 million or $0.83 per share compared to $40 million or $0.09 per share in the prior-year period. Net income in Q2 2018 was positively impacted by non-cash adjustments related to the adoption of new revenue recognition standards.

At the end of Q2 2018, DISH had 10.6 million DISH TV subscribers and 2.3 million Sling TV subscribers, amounting to a total of 12.9 million Pay-TV subscribers. This compares to 13.3 million Pay-TV subscribers at the end of Q2 2017.

Net Pay-TV subscribers declined approx. 151,000 subscribers in Q2 2018, versus a decline of around 196,000 in Q2 2017. In the quarter, net DISH TV subscribers declined about 192,000 while Sling TV subscribers increased around 41,000. DISH TV’s average monthly subscriber churn rate was 1.46% versus 1.83% for Q2 2017.

Related: Dish Network Corp. Q2 2018 Earnings Call Transcript