Sirius XM Radio Inc. (NASDAQ: SIRI) reported Tuesday it returned a profit in the first quarter, citing additional subscribers due to a recovery in auto sales, according to Associated Press.
Sirius posted earnings of $41.6 million, or a penny per share, compared with a loss of $238.8 million, or 7 cents per share, a year ago. Last year's results included a charge of $186.2 million related to preferred stock issued when Liberty Media Corp. rescued Sirius from a possible bankruptcy filing last February.
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Analysts surveyed by Thomson Reuters had expected Sirius to break even.
Revenue in the most recent quarter rose 13 percent to $663.8 million but was slightly below analysts' $671.3 million forecast.
The company added 171,441 net subscribers during the period to end the quarter with over 18.9 million subscribers. At the end of the year-ago period it had 18.6 million subscribers.
Sirius XM maintains their projection of net subscriber additions of over 500,000 for the full year.
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