Sirius XM Posts Profit; Raises Outlook
NEW YORK (TheStreet) -- Sirius XM (SIRI) 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.>To contact the writer of this article, click here: Robert Holmes. >To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet. >To submit a news tip, send an email to: tips@thestreet.com.
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