Sirius XM (SIRI) Misses Q1 EPS by 1c

April 28, 2015 7:08 AM EDT

Sirius XM (NASDAQ: SIRI) reported Q1 EPS of $0.02, $0.01 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $1.08 billion versus the consensus estimate of $1.09 billion.

Highlights:

  • Subscriber growth off to a strong start. SiriusXM added 431 thousand net new subscribers in the first quarter, a 61% increase from the 267 thousand net new subscribers added in the first quarter of 2014. Self-pay net subscriber additions were 394 thousand in the first quarter of 2015 compared to 173 thousand in the first quarter of 2014. Marking the strongest first quarter for self-pay subscriber growth since 2008.
  • First quarter EBITDA climbs 19%. Adjusted EBITDA of $399 million in the first quarter of 2015 was the highest quarterly amount in the company's history, an increase of 19% over the $335 million reported in the first quarter of 2014. Adjusted EBITDA margin was 37%, also the highest in the company's history.
  • Free cash flow per diluted share climbs strongly. Free cash flow of $276 million was up 24% from $223 million in the first quarter of 2014. Driven by higher cash flow and a lower share count from the share repurchase program, free cash flow per diluted share climbed an even stronger 36% to 4.9 cents in the first quarter of 2015, up from 3.6 cents in the first quarter of 2014.

Sirius XM sees FY2015 revenue of $4.47 billion, versus the consensus of $4.49 billion. Sees net subscriber additions of approximately 1.4 million.

For earnings history and earnings-related data on Sirius XM (SIRI) click here.



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