Dish Network offered analysts a mixed bag Monday, soundly beating consensus estimates by adding 104,000 net new subscribers in the first quarter, but missed some revenue and cash flow targets.
"[I]t was a clear and decisive beat for the operating line item that is probably the most single important one in determining future profitability," Sanford Bernstein cable and satellite analyst Craig Moffett wrote in a report Monday, adding that consensus estimates were for the satellite giant to add about 62,000 net new customers. And churn was a record low 1.35%, which helped drive net customer growth.
"Dish delivered a solid quarter for net subscriber growth and financial performance," said Dish CEO Joseph Clayton, in a statement "I am encouraged by two quarters of net additions, as well as a reduction in churn. The market's reception to the Hopper launch this March was favorable and we think it will be a great platform for the future."
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