NEW YORK (TheStreet) -- No wonder Liberty Media Corp (LMCA) is keen on Sirius XM (SIRI). The satellite radio broadcaster was on a roll last year, achieving record revenue that rose 12% for the year to $3.8 billion and 12% for the fourth quarter to $1 billion. Total sales exceeded analysts' full-year and fourth-quarter expectations of $3.78 billion and $981.9 million, respectively, according to Thomson Reuters estimates.
Continued subscriber growth added to the company's robust top line. For the full year, around 1.66 million additions contributed to a total 25.6 million subscribers at year-end, a 7% increase from 2012.
In the fourth quarter, the company recorded an all-time high of self-pay subscribers (those who continue to subscribe after the reduced-rate promotional period). By the end of the quarter, self-pay subscribers totaled 21.1 million, an 8% increase from ayear earlier. Subscriber acquisition costs declined to $124 million, or a record low of 12% adjusted revenue. The improvement was due to lower subsidy rates per Sirius-enabled vehicle.
Coming in less favorably, net income of 1 cent a share missed consensus by a penny. Full-year earnings of 6 cents a share was just shy of the 7 cents a share analysts had expected.
"We remain excited about continuing our track record of delivering profitable growth in 2014, with the goal of enhancing free cash flow while making investments in key long-term initiatives," said CEO Jim Meyer in a statement.
Management reiterated existing 2014 guidance of revenue of more than $4 billion and net subscriber additions totaling 1.25 million.