Sirius XM Radio, Inc. (SIRI) Reports In-Line Q2 EPS; Raises Outlook

July 29, 2014 7:03 AM EDT

Sirius XM Radio, Inc. (NASDAQ: SIRI) reported Q2 EPS of $0.02, in-line with the analyst estimate of $0.02. Revenue for the quarter came in at $1.04 billion versus the consensus estimate of $1.02 billion.

Adjusted EBITDA for the second quarter of 2014 reached a record $370 million, up 31% from $283 million in the second quarter of 2013.

SiriusXM reaffirmed its previously issued 2014 guidance for net subscriber additions and increased its guidance for revenue, adjusted EBITDA, and free cash flow:

  • Net subscriber additions of approximately 1.25 million,
  • Revenue of approximately $4.1 billion (Wall Street consensus is $4.13 billion)
  • Adjusted EBITDA of approximately $1.425 billion, and
  • Free cash flow of approximately $1.1 billion.

"SiriusXM once again posted outstanding results in the second quarter by adding 475,000 total net new subscribers, including 380,000 net new self-pay subscribers. We set new records for trial conversions to self-pay, adjusted EBITDA and adjusted EBITDA margin in the quarter, and we are raising our 2014 guidance for revenue, adjusted EBITDA, and free cash flow," stated Jim Meyer, Chief Executive Officer, SiriusXM.

"Our extraordinary operating performance supported the buyback of over 350 million shares in the quarter, or approximately 6% of our outstanding stock. Perhaps more importantly, we improved our superior content by adding even more channels and shows created with major brands and personalities, such as Joel Osteen, NBC's TODAY Show, and YouTube, and we expanded the range and depth of our commercial-free music programming with the introduction of three new channels in the categories of country, women's pop, and dance," added Meyer. "As the leader in audio entertainment, we never rest in searching for new content that our subscribers will love."

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

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