Satellite TV provider Dish Network Corp. reported a second-quarter profit on Wednesday after posting a loss in the same period a year ago. The company's results missed analysts' expectations.
Dish activated approximately 656,000 new subscribers in the second quarter 2014, compared to approximately 624,000 in the prior year’s second quarter. Net pay-TV subscribers declined approximately 44,000 in the second quarter. The company closed the second quarter with 14.053 million pay-TV subscribers, compared to 14.014 million at the end of second quarter 2013.
ARPU for the second quarter totaled $84.15, an improvement over the second quarter 2013 ARPU of $80.81. Pay-TV subscriber churn rate was 1.66 percent versus 1.67 percent for second quarter 2013.
Dish also reported that it added approximately 36,000 net broadband subscribers in the second quarter, bringing its broadband subscriber base to approximately 525,000.
The Englewood, Colorado-based company reported net income of $213.3 million, or 46 cents per share, compared with a loss of $11.1 million, or 2 cents per share, in the same quarter a year ago. The average estimate of analysts surveyed by Zacks Investment Research was for profit of 52 cents per share.
The company said revenue climbed 5.8 percent to $3.69 billion from $3.49 billion in the same quarter a year ago. The results matched Wall Street forecasts.
Dish Network shares have increased $4.23, or 7.3 percent, to $62.15 since the beginning of the year. The stock has climbed $17.14, or 38 percent, in the last 12 months.