MetroPCS Communications Inc. (NYSE: PCS) this morning reported that its net income more than doubled in the third quarter, helped by a gain from a securities settlement and lower costs.
The wireless telecommunications carrier posted adjusted earnings per share (EPS) of $0.52 on revenues of $1.26 billion for the quarter. In the same period a year ago, the company reported EPS of $0.19 on revenues of $1.25 billion. The quarter’s results also compare to the Thomson Reuters consensus estimates for EPS of $0.26 and $1.25 billion in revenues.
Results included a $53 million gain on a settlement related to securities.The company had almost 9 million subscribers at the end of the quarter, down 2% year-over-year.
The chairman and CEO said:
Late in the third quarter, we launched 4G LTE For All and while still early, we are pleased with initial results, including customer upgrades and churn. As we enter the fourth quarter, our 4G LTE For All efforts are in full-swing and with over one million 4G LTE subscribers at the end of the third quarter, we believe we are well positioned to meet the current demands for high-speed wireless broadband service. During the fourth quarter, we plan to focus on re-energizing subscriber growth, which we expect will put incremental pressure on our CPGA and CPU.
The company reaffirmed its outlook for the full year. The Thomson Reuters consensus estimates call for EPS of $0.82 and $5.11 billion in revenues.
In early October, MetroPCS agreed to merge with the larger T-Mobile USA.
U.S. markets remain closed today. MetroPCS shares closed Friday at $10.59, in a 52-week range of $5.53 to $14.51. The mean price target before this report was $12.36.
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