Sirius XM Radio Inc. (NASDAQ:SIRI) reported its results for the first quarter. SIRIUS XM Radio Inc. broadcasts its music, sports, news, talk, entertainment, traffic and weather channels in the United States for a subscription fee through its proprietary satellite radio systems: the SIRIUS system and the XM system.
Sirius XM Radio Earnings Cheat Sheet for the First Quarter
Results: Net income for Sirius XM Radio Inc. rose to $78.1 million (one cent/share) vs. $41.6 million (one cent/share) in the same quarter a year earlier. A rise of 87.8% from the year earlier quarter.
Revenue: Rose 9% to $723.8 million YoY.
Actual vs. Wall St. Expectations: SIRI fell in line with the mean analyst estimate of one cent/share.
Quoting Management: “SiriusXM’s first quarter results have put us on track to attain our full year goals for subscriber, revenue, and adjusted EBITDA growth. Significantly, we are now in a position to raise our free cash flow estimate for the year,” said Mel Karmazin, Chief Executive Officer, SiriusXM. “Consumers are buying cars again and demand for our product is strong. Were it not for the OEM supply chain uncertainty resulting from the tragedy in Japan, we would be in a position to raise our subscriber guidance today.”
Competitors to Watch: Westwood One, Inc. (NASDAQ:WWON), Entercom Communications Corp. (NYSE:ETM), Cumulus Media Inc. (NASDAQ:CMLS), Emmis Communications Corp. (NASDAQ:EMMS), Radio One, Inc. (NASDAQ:ROIAK), CBS Corporation (NYSE:CBS), Disney (NYSE:DIS), Time Warner (NYSE:TWX), Grupo Radio Centro SAB de CV (NYSE:RC), Salem Communications Corp (NASDAQ:SALM), Saga Communications, Inc. (AMEX:SGA), and Townsquare Media, Inc. (RGCI)
Stock Performance: Shares of SIRI are trading at $2.08, up 8% from the previous closing price of $1.91.