EchoStar reported a second-quarter profit driven by a non-cash deconsolidation gain of approximately $9.73 billion, swinging from a year-ago loss. Net income attributable to EchoStar was $8.462 billion, or $24.12 per share, compared with a net loss of $306.13 million, or $1.06 per share, a year earlier. Excluding the tax-affected impact of the non-cash adjustment, net income would have been approximately $49.46 million. Total revenue declined to $3.576 billion from $3.725 billion in the prior-year quarter, while adjusted OIBDA rose to $681.20 million from $279.65 million. EchoStar shares were up nearly 1% in pre-market trading after closing at $84.09 on Friday.
EchoStar CorporationReports Q2 profit driven by $9.73B non-cash deconsolidation gain, beating year-ago loss.