Sirius XM Boosts Revenue, Subscriber Outlook

By Chelsey Dulaney 

Sirius XM Holdings Inc. boosted its revenue and subscriber guidance for the year on Tuesday after new subscriber additions at the satellite radio company surged in the first three months of the year.

For the year, Sirius is now expecting net subscriber additions of 1.4 million, up from its previous guidance for 1.2 million additions. It is now expecting revenue of $4.47 billion, up from its February outlook of $4.4 billion.

During the quarter ended March 31, Sirius XM added a net 431,000 net new subscribers, up 61% from a year ago. It had 27.7 million total subscribers at the end of the period, up from 25.8 million a year ago. Monthly churn, or the rate at which subscribers left, edged down to 1.8% from 1.9% a year ago.

Overall, the company posted a profit of $105.7 million, or 2 cents a share, up from $94 million, or 2 cents a share, a year earlier.

Revenue grew 8.3% to $1.08 billion.

Analysts polled by Thomson Reuters expected per-share profit of three cents and revenue of $1.09 billion.

Subscriber revenue grew 7.1% to $911.5 million.

Write to Chelsey Dulaney at [e-mail]

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