Sirius XM (SIRI) Reports In-Line Q1 EPS; Lifts Oulook

Sirius XM (NASDAQ: SIRI) reported Q1 EPS of $0.03, in-line with the analyst estimate of $0.03. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.18 billion.

"SiriusXM's results exceeded our expectations in the first quarter, and I'm especially pleased we were able to add 465,000 net new subscribers, leading to an 8% increase in subscribers over the prior year. With excellent subscriber growth so early in the year, we are raising our guidance for full year net subscriber additions to 1.6 million. We set first quarter records for revenue, adjusted EBITDA, and free cash flow, and we are on track to achieve all of our financial goals this year," noted Jim Meyer, Chief Executive Officer, SiriusXM.

"With a new full time music channel from Kenny Chesney, live broadcasts from major music festivals, special popup channels for David Bowie and Billy Joel, as well as new talk shows, and unmatched coverage of the presidential primaries, SiriusXM continues to be the leader in audio entertainment. We are always looking to deliver new, compelling content to our subscribers," added Meyer.

INCREASED 2016 GUIDANCE

The company now expects to add 1.6 million net new total subscribers in 2016, an increase from prior guidance of 1.4 million. SiriusXM's 2016 guidance for continued growth in self-pay subscribers, revenue, adjusted EBITDA, and free cash flow remains unchanged. The company's full guidance is as follows:

• Net self-pay subscriber additions of approximately 1.4 million,
• Total net subscriber additions of approximately 1.6 million,
• Revenue of approximately $4.9 billion,
• Adjusted EBITDA of approximately $1.78 billion, and
• Free cash flow of approximately $1.4 billion.

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

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