Sirius Shares Move on Revenue Announcement (SIRI)
Sirius XM (NASDAQ: SIRI) announced the results of their second quarter this morning, bumping up shares in the pre-market.
The company recorded record revenue of $940 million, which beat analysts estimates, and EPS of $0.02, falling in line with estimates.
This means pre-tax year over year income jumped 47 percent to 202 million. CEO Jim Meyer had this to say about the growth in profitability: “SiriusXM's second quarter results reflect record performance on almost every vital metric: the 25 million subscriber milestone, record revenue, adjusted EBITDA and adjusted EBITDA margin. We grew our revenue at double digit rates for the sixth consecutive quarter while being very mindful of our costs as we invest in advanced IP and telematics platforms designed to provide more services to our subscribers and automakers.”
During the quarter, 195 million shares were repurchased for 650 million dollars, bringing year to date repurchases to 1.3 billion.
Looking forward to the rest of the year, Sirius XM increased its guidance for adjusted EBITDA to 1.14 billion. New subscriber and revenue figures were reiterated at 1.5 million and 3.7 billion.
Shares of Sirius XM are up over one percent since market open.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.