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Sirius XM Posts Profit; Raises Outlook

NEW YORK ( TheStreet) -- Sirius XM (SIRI - Get Report) swung to a third-quarter profit and offered improved guidance for the full year.

Sirius XM posted third-quarter net income of $67.6 million, or a penny a share, swinging from a year-ago loss of $151.5 million, or 4 cents a share.

Revenue rose 15% from a year ago to $722.5 million.

Analysts polled by Thomson Reuters expected Sirius XM to break even on a per-share basis. Analysts projected revenue of $718.7 million.

Sirius XM also upped its full-year outlook, saying it now projects full-year 2010 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $600 million. Previously, Sirius XM guided full-year EBITDA of approximately $575 million.

Sirius XM also said it now expects adjusted revenue for 2010 will exceed $2.8 billion. Free cash flow will exceed $150 million the company added..

Sirius XM said net subscriber additions totaled 334,727 in the quarter, more than tripling the number of net subscriber additions in the year-ago quarter. The company said it ended the quarter with 19.86 million subscribers.

-- Written by Robert Holmes in Boston.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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