EchoStar Announces Financial Results for the Three and Nine Months Ended September 30, 2021

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[{"type":"text","content":"ENGLEWOOD, Colo., Nov. 9, 2021 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and nine months ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nThree Months Ended September 30, 2021 Financial Highlights:\nConsolidated revenue of $504.7 million. Net income of $30.2 million, consolidated net income attributable to EchoStar common stock of $33.4 million, and basic and diluted earnings per share of $0.38. Consolidated Adjusted EBITDA of $187.0 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).Nine Months Ended September 30, 2021 Financial Highlights:\nConsolidated revenue of $1,487.1 million. Net income of $142.8 million, consolidated net income attributable to EchoStar common stock of $149.2 million, and basic and diluted earnings per share of $1.64. Consolidated Adjusted EBITDA of $559.4 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).\"I am pleased with our financial performance in the third quarter of 2021,\" commented Michael Dugan, CEO and President of EchoStar. \"We grew revenue, net income, and Adjusted EBITDA from the same period last year by managing all areas of the business prudently. Laying a strategic foundation for the multi-orbit future, we announced agreements with OneWeb to provide satellite connectivity solutions in the US and India and fulfilled the remaining ITU requirements to bring our Sirion-1 filing into use which is a key milestone in the development of our global S-band capabilities.\" \nThree Months Ended September 30, 2021 - Additional Information:\nConsolidated revenue increased 6.6% or $31.2 million year over year primarily driven by higher equipment sales of $25.0 million to our domestic and international enterprise customers. Adjusted EBITDA increased 12.2% or $20.3 million year over year. Hughes segment Adjusted EBITDA increased $16.5 million year over year. The increase was driven primarily by higher revenue and lower cost of services provided to our consumer customers. ESS segment Adjusted EBITDA was flat year over year. Corporate and Other segment Adjusted EBITDA increased $3.7 million year over year. Net income increased $6.9 million year over year. The increase was primarily due to higher operating income of $25.6 million and lower net interest expense of $20.0 ...

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