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.
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.