Time to Start Taking Sirius Seriously Again
“In 2010, investors will get a real indication of how good our performance can be. I feel really good about our future prospects.”
That’s what Sirius XM Satellite Radio (SIRI) CEO Mel Karmazin had to say during the company’s second-quarter earnings call this morning, and he had good reason to say it. With the winds of an improving economy and increasing auto sales at its back, the company turned in another decent financial performance, posting a profit of $15.3 million, breaking even on a per-share basis, compared with a year-earlier loss of $159.6 million, or four cents a share. Revenue rose 18 percent to $699.8 million.
Analysts had expected the company to break even on revenue of $690 million.
Sirius added 583,249 subscribers in the second quarter, ending it with some 19.5 million–up 6 percent over last year and a record high.