DISH Network Corp. (NASDAQ: DISH) yesterday reported revenue totaling $3.40 billion for the quarter ending September 30, 2018, compared with $3.58 billion for the corresponding period in 2017. Subscriber-related revenue for the quarter totaled $3.35 billion, compared with $3.55 billion of subscriber-related revenue for the year-ago period.
Net income attributable to DISH Network totaled $432 million for the third quarter 2018, compared with net income of $297 million during the same quarter in 2017. DISH’s net income for the third quarter of 2018 was positively impacted by non-cash adjustments related to the adoption of the ASC 606 revenue recognition standard, net of related taxes, of $31 million. Diluted earnings per share for the quarter ending September 30, 2018, were $0.82, compared with $0.57 during the same period in 2017.
There were few new details on wireless, according to Jonathan Chaplin with New Street Research. “The company reiterated a phase 1 investment of $500MM to $1BN and a phase 2 investment of $10BN; the first base stations are due to arrive later this year,” Chaplin said.
“We expect T-Mobile’s opposition to DISH’s network plan to get some airtime on the call. We continue to believe that the FCC doesn’t have grounds to disqualify the narrowband network for the purposes of meeting buildout requirements.” Chaplin said DISH has an ample runway to monetize its spectrum and they remain buyers “given the significant upside from the asset value of the spectrum (Buy, PT: $175; +456% upside), though we certainly acknowledge the road to monetization may be bumpy,” he said.