SIRIUS XM Keeps Raising Targets (SIRI)
October 1, 2010 by Jon C. Ogg
SIRIUS XM Radio Inc. (NASDAQ: SIRI) is at it again on the raised guidance front for subscribers. CEO Mel Karmazin has now announced that SIRIUS is expected to end 2010 with approximately 20.1 million subscribers.
This would represent an all-time high in subscribers as the company now expects net subscriber additions of approximately 1.3 million in 2010.
As far as how this compares to prior guidance, we noted in early August, “Mel Karmazin is again raising guidance for 2010. He expects SIRIUS to generate nearly $2.8 billion in revenue, approximately $575 million in adjusted EBITDA and expects free cash flow of nearly $150 million. SIRIUS XM had already increased its guidance for net subscriber adds to right at 1.1 million for 2010.”
SIRIUS XM will release its financial results and updated subscriber targets for Q3-2010 by early November.
This week we saw that S&P put SIRIUS on positive credit watch, while Miller Tabak cut the rating to Neutral from Buy.
Shares are up 1.67% at $1.22 on 25 million shares in less than an hour of trading this Friday.
JON C. OGG
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