EchoStar Announces Financial Results for the Three and Nine Months Ended September 30, 2022

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[{"type":"text","content":"ENGLEWOOD, Colo., Nov. 2, 2022 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and nine months ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nThree Months Ended September 30, 2022 Financial Highlights:\nConsolidated revenue of $497.4 million.Consolidated net income of $19.6 million, consolidated net income attributable to EchoStar common stock of $22.4 million and basic and diluted earnings per share of common stock of $0.27.Consolidated Adjusted EBITDA of $158.8 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).Nine Months Ended September 30, 2022 Financial Highlights:\nConsolidated revenue of $1,498.2 million.Consolidated net income of $119.0 million, consolidated net income attributable to EchoStar common stock of $127.7 million, and basic and diluted earnings per share of common stock of $1.51.Consolidated Adjusted EBITDA of $492.4 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).\"During the third quarter of 2022, the EchoStar team continued to optimize operations and asset yields, delivering a solid performance,\" said Hamid Akhavan, CEO and President of EchoStar. \"We remain focused on operating the business in an efficient manner while also preparing for the launch of our EchoStar XXIV/JUPITER 3 satellite. We have capitalized on enterprise market opportunities, and I am pleased that we have increased sales of equipment, primarily developed in-house, for both the three and nine month periods ending September 30, compared to the same periods last year. We continue to seek opportunities in pursuit of our strategy of being a global connectivity and services provider.\"\nThree Months Ended September 30, 2022 - Additional Information:\nConsolidated revenue decreased 1.4% or $7.3 million year over year. Lower service revenue of $31.4 million, primarily due to lower broadband consumer customers, was partially offset by higher equipment sales of $24.1 million to our domestic and international enterprise customers. The decrease includes an estimated negative foreign exchange impact of $3.8 million.Consolidated net income decreased $10.7 million year over year. The decrease was primarily due to lower operating income of $15.6 million and an unfavorable change in investments of $13.8 million. These items ...

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