Amid Better ARPU and Subs Growth, Sirius XM (SIRI) Falls Flat in Q4

February 5, 2013 7:49 AM EST
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Sirius XM Radio (Nasdaq: SIRI) is moving slightly lower early Tuesday following fourth-quarter 2012 results and guidance.

Revenue at the satellite radio giant rose 13 percent to $892.4 million, while net income more than doubled to $156.3 million, or two cents per share.

The Street was looking for revs of $899.46 million and EPS of two cents.

In terms of subs, net adds rose 534,953 to 23.9 million. Sirius added 445,921 in the third-quarter 2012.

Average monthly self pay subs were 19.57 million, an increase of 528,755 subs. Self pay churn was at 1.8 percent, down 0.1 point from the same period last year.

ARPU improved to $12.12, from $11.61 last year. New vehicle conversion rate was flat at 44 percent.

Looking ahead, Sirius affirmed expectations for fiscal 2013. Self-pay net adds should be 1.6 million, down from FY12 adds of 1.66 million. Total net adds of 1.4 million also compares with 2 million for FY12.

Total revs are expected to be over $3.7 billion in fiscal 2013, up over 8.8 percent from $3.4 billion reported in FY12.

"We continue to broaden our Internet capabilities to expand the user experience and strengthen our in-vehicle technologies," commented CEO Jim Meyer. "We are thrilled to announce that our personalized radio feature, MySXM, is now in public beta testing and will be available to our Internet subscribers in the near future. We are committed to ensuring SiriusXM's long-term leadership in audio and data services, particularly in vehicles, and we will do that by continuing to innovate and improve our technology, programming, and customer care."

Into the open, Sirius is down about 1.4 percent.

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