Shares are down about 1.4% in pre-market trading although there are few surprises in the satellite radio company's first earnings report with Liberty Media firmly in charge. It reported Q4 net income of $156.2M, +119.0% vs the period last year, on revenues of $892.4M, +13.9%. Analysts thought revenues would come in higher, at $898.7M. But earnings at two cents a share were right on the money. Sirius XM had already announced in early January that it ended 2012 with a gain of 2M subscribers, for a total of about 19.6M self-paid, and a total paid sub base of 23.9M. The company says this morning that it expects to add 1.4M subscribers in 2013 and generate at least $3.7B in revenue. CEO Jim Meyer, who recently replaced Mel Karmazin, talks up Sirius XM's planned personalized radio service, MySXM, which he says 'is now in public beta testing and will be available to our Internet subscribers in the near future.' He adds that the company is 'committed to ensuring Sirius XM's long-term leadership in audio and data services, particularly in vehicles, and we will do that by continuing to innovate and improve our technology, programming, and customer care.'
Tuesday, February 5, 2013
Sirius XM Q4 Earnings Match Expectations But Revenues Come In Light
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