Are Sirius XM Earnings on Mute?
Sirius shares rose after it reported its most recent quarterly results before the markets opened on Wednesday.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Sirius XM Holdings Inc. (NASDAQ: SIRI) reported its most recent results before the markets opened on Wednesday. The company posted $0.06 in earnings per share (EPS) and $1.43 billion in revenue, which compares with consensus estimates from Thomson Reuters that called for $0.06 in EPS and revenue of $1.42 billion for the second quarter. In the same period of last year, Sirius said it had EPS of $0.04 on $1.35 billion in revenue.
During the latest quarter, the company added 483,000 net new self-pay subscribers, to end with roughly 28.2 million of those subscribers. Self-pay monthly churn was 1.6% and marked the lowest-ever reported by the company for a quarter. Total net additions in the second quarter were 429,000, resulting in about 33.5 million Sirius subscribers at quarter-end.
In terms of guidance for the 2018 full year, the company expects to see revenue over $5.7 billion, adjusted EBITDA of $2.175 billion and self-pay net subscriber additions of roughly 1.15 million. The consensus estimates call for $0.24 in EPS and $5.75 billion in revenue for the year.
[nativounit]
Jim Meyer, CEO of Sirius, commented:
SiriusXM’s strong start to 2018 accelerated in the second quarter. We added 483,000 net new self-pay subscribers in the quarter with an impressive 1.6% self-pay churn rate, our best-ever performance. Our 6% growth in revenue would have been 8% absent the change in generally accepted accounting principles that was effective January 1st, and we are thrilled to increase our full-year guidance for self-pay net additions, revenue and adjusted EBITDA.
Shares of Sirius traded up about 3% early Wednesday to $7.19. The consensus analyst price target is $6.89, and the 52-week trading range is $5.17 to $7.70.
[recirclink id=481227]
[wallst_email_signup]
Contact [email protected] for any questions or corrections.
Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
