Benzinga | Feb 22, 2021 11:25AM EST

DISH Network Posts Upbeat Q4 Results, Net Pay-TV Subscribers Decline

* DISH Network Corporation (NASDAQ: DISH) reported a 40.7% year-on-year revenue growth to $4.56 billion for the fourth quarter of FY20, beating the consensus estimate of $4.42 billion.

* Net income rose 88.4% to $733 million, and EPS increased 79.7% to $1.24, exceeding the analyst estimate of $0.75.

* Net Pay-TV subscribers declined 133,000 in the quarter, versus a decline of 194,000 in the year-ago quarter. Retail wireless net subscribers reduced 363,000 in the quarter, against a reduction of 212,000 in the previous quarter.

* The company closed the quarter with 11.29 million Pay-TV subscribers, including 8.82 million DISH TV subscribers and 2.47 million SLING TV subscribers. Retail wireless subscribers stood at 9.06 million.

* Pay-TV ARPU (average revenue per user) rose 8.6% to $94.47. DISH TV churn rate reduced 120 basis points to 1.44%. DISH TV SAC (subscriber acquisition cost) reduced 0.95 to $842.

* Today, Morgan Stanley maintains Equal-Weight on DISH Network, raises the price target to $32.

* Price action: DISH shares are down marginally by 0.24% at $33.58 on the last check Monday.