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."