Sirius XM (NASDAQ:SIRI) earnings for the music streaming company’s third quarter of 2019 have SIRI stock heading higher on Thursday. Its diluted per-share earnings of 5 cents are just below Wall Street’s estimate of 6 cents for the quarter. However, its revenue of $2.01 billion is better than analysts’ estimates of $1.98 billion.
Here’s what investors need to know about the most recent Sirius XM earnings report.
- Diluted EPS is down 28.57% from 7 cents in the third quarter of 2018.
- Revenue comes in 36.74% higher YoY than $1.47 billion.
- Income from operations of $476.00 million is a 1.45% drop from $483.00 million in the same period of the year prior.
- The Sirius XM earnings report also includes a net income of $246.00 million.
- That’s 28.28% worse than its net income of $343.00 million reported during the same time last year.
- SIRI notes that the major decline in net income was due to refinancing expenses in connection to the July redemption of its 6.00% senior notes due in 2024.
Jim Meyer, CEO of Sirius XM, has this to say about the Q3 SIRI stock earnings.
“Total net additions benefited from continuing strength in the auto sector, and our adjusted EBITDA hit an all-time quarterly record of $657 million. Things have never been more exciting at the company as we continue to invest in our brands, content, products and expanded OEM distribution.”
The Q3 Sirius XM earnings report also includes an update to its outlook for 2019. This has it increasing revenue guidance to $7.85 billion for the year. That puts it above Wall Street’s 2019 revenue estimate of $7.64 billion.
SIRI stock was up 3.63% as of Thursday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.