Sirius XM Radio Inc. (NASDAQ: SIRI) reported Thursday that its first-quarter net income was $78.12 million, up from the year-ago quarter's $41.6 million. Earnings per share remained flat at 1 cent. Revenue rose to $723.84 million from $663.78 million in the same quarter last year. Analysts, on average, expected the company to report earnings of 1 cent per share on revenue of $736.34 million.
"SiriusXM's first quarter results have put us on track to attain our full year goals for subscriber, revenue, and adjusted EBITDA growth. Significantly, we are now in a position to raise our free cash flow estimate for the year," said Mel Karmazin, Chief Executive Officer, SiriusXM. "Consumers are buying cars again and demand for our product is strong. Were it not for the OEM supply chain uncertainty resulting from the tragedy in Japan, we would be in a position to raise our subscriber guidance today."
Looking ahead to 2011, the company said it continues to expect full-year revenue of around $3 billion. Analysts anticipate revenues of $3.07 billion for the year.
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