by Christopher Freeburn | August 7, 2012 12:35 pm
Sirius XM Radio (NASDAQ:SIRI) announced on Tuesday that it earned $3.1 billion during the second quarter. Excluding a one-time $3 billion tax gain, the company earned $136 million, down from 173 million in the same period last year.
Revenue at the satellite radio provider rose 13% to $837.5 million, topping Wall Street forecasts of $834.38 million, Reuters noted.
Adjusted EPS for the quarter was 2 cents, which was in line with analysts’ predictions.
Company officials boosted their earnings outlook for the year, increasing the forecast for adjusted EBITDA earnings from $875 million to $900 million.
Investors liked the news. Shares of Sirius XM jumped more than 5% in Tuesday afternoon trading.
The company said it added 622,042 net subscribers in the second quarter. That was 38% above the number of new subscribers added during the same quarter last year.
Sirius estimates that it will add 1.6 million new subscribers to its existing 22.9 million subscribers by the end of 2012.
Revenue per subscriber increased during the quarter to $11.97, compared to $11.53 last year.
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