NEW YORK (
(SIRI - Get Report) reported its first-quarter results before market open on Tuesday amid chatter the satellite radio giant could
splash its cash.
The New York-based firm, which announced the first
price hike in its history earlier this year, reported revenue of $805 million, up from $724 million in the prior year's quarter.
Analysts surveyed by
Thomson Reuters expected Sirius to report revenue of $803.83 million.
Excluding items, Sirius earned 2 cents a share, up from a penny a share in the prior year's quarter, and in line with analysts' estimates.
Sirius also announced net subscriber additions of 404,596, up from 373,064 in the prior year's quarter. Within this number, the company's self-pay net subscriber additions came in at 299,348, a 148% hike on 120,844 additions in the same period last year.
"Sirius XM is starting the year with tremendous operational momentum," explained Mel Karmazin, the Sirius CEO, in a statement released before market open. "We grew subscribers faster than any first quarter since our 2008 merger of Sirius and XM, and we improved our self-pay monthly churn rate to 1.9% despite implementing a price increase at the beginning of the year."
During the first quarter, Sirius generated free cash flow of $15 million, an improvement on negative free cash flow of $17 million in the prior year's quarter.
Sirius XM shares, which have climbed almost 24% this year, were up 0.89% to $2.27 on Monday.
Written by James Rogers and Chris Ciaccia in New York.
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