Sirius XM (SIRI) Reports In-Line Q3 EPS; Initiates Dividend, $2B Buyback
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Sirius XM (NASDAQ: SIRI) reported Q3 EPS of $0.04, in-line with the analyst estimate of $0.04. Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.27 billion.
SiriusXM also announced today that its Board of Directors declared its first quarterly dividend in the amount of $0.01 per share of common stock payable on November 30, 2016 to stockholders of record as of the close of business on November 9, 2016. The company also announced that the Board of Directors intends to institute a quarterly dividend on its common stock in an aggregate annual amount of $0.04 per share.
The Board also approved an additional $2 billion of share repurchases, bringing SiriusXM's total repurchase authorization to $10 billion. SiriusXM has already repurchased an aggregate of $7.6 billion of common stock under its stock repurchase program.
"SiriusXM's performance in the third quarter was exemplary. We grew self-pay subscribers by 385,000 and turned in record quarterly high levels of revenue and adjusted EBITDA. Additionally, we attained our highest-ever ARPU and adjusted EBITDA margin and lowest-ever SAC per installation and customer service cost per subscriber. In short, our business is operating more efficiently than ever before, and we are pleased to increase our revenue and adjusted EBITDA guidance for the second time this year," said Jim Meyer, Chief Executive Officer, SiriusXM.
"We remain dedicated to bringing the best audio entertainment in an easy to use bundle of programming to a nation of listeners. In recent months, we've strengthened areas where we are leaders, such as country music, added new talent in talk programming, and held special, one-of-a kind live music events for subscribers and listeners nationwide, all content you can only find at SiriusXM," added Meyer.
For earnings history and earnings-related data on Sirius XM (SIRI) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- General Electric (GE) Raises Quarterly Dividend 4.3% to $.24; 3.1% Yield
- Coty (COTY) Raises Quarterly Dividend 81.8% to $0.125; 2.6% Yield
- Saul Centers (BFS) Raises Quarterly Dividend 8.5% to $0.51; 3.1% Yield
Create E-mail Alert Related CategoriesDividend Hike, Dividends, Earnings, Hot Dividends, Stock Buybacks
Related EntitiesDividend, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!