Sirius XM Radio (SIRI) Earnings Meet Expectations

Earnings from Sirius XM Radio Inc. (NASDAQ:SIRI) managed to meet analysts' expectations, as the company had net income of $78.1 million or one cent a share, against $41.6 million, or one cent a share in the same quarter last year. That was an increase of 87.8 percent over last year in the same period.

Revenue for the quarter jumped to $723.8 million, a 9 percent improvement over last year in the same quarter.

Sirius said, “SiriusXM’s first quarter results have put us on track to attain our full year goals for subscriber, revenue, and adjusted EBITDA growth. Significantly, we are now in a position to raise our free cash flow estimate for the year,” said Mel Karmazin, Chief Executive Officer, SiriusXM. “Consumers are buying cars again and demand for our product is strong. Were it not for the OEM supply chain uncertainty resulting from the tragedy in Japan, we would be in a position to raise our subscriber guidance today.”

Major competitors of Sirius include Westwood One, Inc. (NASDAQ:WWON), Entercom Communications Corp. (NYSE:ETM), Cumulus Media Inc. (NASDAQ:CMLS), Saga Communications, Inc. (AMEX:SGA), Emmis Communications Corp. (NASDAQ:EMMS), Radio One, Inc. (NASDAQ:ROIAK), CBS Corporation (NYSE:CBS), Disney (NYSE:DIS), Time Warner (NYSE:TWX), Grupo Radio Centro SAB de CV (NYSE:RC) and Salem Communications Corp (NASDAQ:SALM).

Shares of Sirius soared to $2.08, gaining $0.17, or 8.64 percent, as of 1:35 PM EDT.