WASHINGTON (dpa-AFX) - Satellite radio service SiriusXM Holdings Inc. (SIRI), Tuesday reported a third-quarter profit that doubled from a year ago, as revenues increased reflecting subscriber additions. Moving ahead, the company raised its revenue outlook for the full year 2014.
New York-based Sirius' third-quarter profit surged to $136.17 million or $0.02 per share from $62.89 million or $0.01 per share last year. On average, 14 analysts polled by Thomson Reuters expected profit of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
Sirius' revenues grew 10 percent $1.06 billion from $961.51 million a year ago. Analysts had a consensus revenue estimate of $1.04 billion for the quarter.
Sirius reported net subscriber additions in the third quarter of 432,817, taking the total subscriber count up nearly 5 percent to 26.7 million. Monthly churn increased to 1.9 percent from 1.8 percent last year.
Operating expenses increased to $763.1 million from $677.0 million as revenue share and royalties increased and the company's expenses on customer service and billing, sales and marketing and satellite and transmission increased.
Moving ahead, SiriusXM raised its full-year 2014 revenue guidance to about $4.15 billion, from an earlier estimate of $4.1 billion. Analysts currently expect revenues of $4.15 billion for the year.
SIRI is currently trading at $3.32, down $0.03 or 0.90%, on the Nasdaq.
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