Sirius 4Q earnings more than double

AP News
Posted: Feb 05, 2013 10:09 AM

NEW YORK (AP) — Satellite radio company Sirius XM Radio Inc. said Tuesday that its fourth-quarter net income more than doubled, helped by higher revenue from a growing number of paying subscribers.

The company also said it ended 2012 with 2 million more subscribers than at the end of 2011, and provided a revenue estimate for this year that topped Wall Street expectations.

"We continue to broaden our Internet capabilities to expand the user experience and strengthen our in-vehicle technologies," said CEO Jim Meyer in a statement.

The company earned $156.2 million, or 2 cents per share, in the three months that ended on Dec. 31. That's up from $71.3 million, or 1 cent per share, in the same period a year earlier.

Revenue rose 14 percent to $892.4 million from $783.7 million.

Analysts, on average, were expecting earnings of 2 cents per share on revenue of $899.7 million, according to a poll by FactSet.

Sirius said it had 23.9 million subscribers at the end of the year, up 9 percent from 21.9 million at the end of 2011.

The company expects 2013 revenue of more than $3.7 billion, above analysts' expectations of $3.41 billion.

Sirius shares slipped 3 cents to $3.13 in morning trading. They have traded in a 52-week range of $1.78 to $3.25.