No Big Surprises in Sirius XM Holdings' First Quarter

Sirius XM Holdings performed as expected in the first quarter, and also set full-year expectations within reach of analyst estimates.

Apr 24, 2014 at 8:31AM
Siri Logo

Image source: Sirius XM.

This morning, Sirius XM Holdings (NASDAQ:SIRI) reported results for the first quarter of fiscal year 2014.

Non-GAAP earnings increased 54% year-over-year to $0.02 per diluted share, while revenue rose 11% to $998 million.

Earnings were in line with analyst projections while sales beat the $995 million consensus estimate by a nose.

The company added 267,000 net new subscribers in the quarter. 65% of these were self-pay additions, which is a stickier and more valuable subscriber type than paid promotions included with the purchase or lease of a new car.

Looking ahead, the company expects to collect "more than $4 billion" in full-year sales. The current analyst view of 2014 revenue is $4.1 billion.

The company is scheduled to repurchase 93 million shares for $340 million on Friday. The transaction will more than double Sirius' year-to-date buybacks and leave another $1.7 billion remaining under the board's current repurchase authorization. It will also reduce the diluted share count by 1.5%.

"SiriusXM performed ahead of our expectations in the first quarter," said Sirius CEO Jim Meyer in a statement. "Our business continues to perform well. New car installations and trial conversions set first quarter records, and our trial funnel stands near an all-time high at 6.9 million."

Anders Bylund has no position in any stocks mentioned. The Motley Fool owns shares of Sirius XM Radio. Try any of our Foolish newsletter services free for 30 days.

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