SiriusXM Grows Subscribers, Earnings in Second Quarter

Terry Wyatt/Getty Images for SiriusXM
Joe Don Rooney, Gary LeVox, and Jay DeMarcus of Rascal Flatts perform live on SiriusXM's The Highway Channel in the SiriusXM Nashville Studios on June 9, 2016 in Nashville, Tenn. 

Satellite radio giant SiriusXM, which is controlled by John Malone's Liberty Media, on Tuesday reported higher second-quarter earnings and said it added 587,000 net new subscribers in the period.

The company, the home of Howard Stern, reported a 68 percent gain in quarterly earnings to $173 million, or 3 cents per share, up from 2 cents in the year-ago period. Wall Street had on average forecast a profit of $159.3 million, or 3 cents per share. Adjusted earnings before interest, taxes, depreciation and amortization, another profitability metric, hit $468 million, a quarterly record for the company and up 13 percent. Revenue for the second quarter rose 10 percent to $1.2 billion.

The company said it ended June with more than 30.6 million subscribers.

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The company raised its full-year 2016 guidance. It now expects to add 1.7 million total net new subscribers this year, an increase from prior guidance of 1.6 million, which was already up from the company's original expectation.

SiriusXM now also expects 2016 revenue "approaching $5 billion," up from prior guidance of approximately $4.9 billion. The company also boosted its adjusted EBITDA and free cash flow expectations for 2016.

Said SiriusXM CEO Jim Meyer: "SiriusXM's second-quarter results demonstrated continued strong demand for our content bundle and solid execution by our entire team."

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SiriusXM recently unveiled an agreement to take the Canadian home of Stern private. The CAN$4.50 ($3.50) per-share offer values SiriusXM Canada at around $367 million. The deal will see SiriusXM raise its stake in SiriusXM Canada from 37 percent to 70 percent, or 33 percent of the voting shares.

At the end of May, SiriusXM suspended Glenn Beck's show after the conservative host agreed with an author who asked hypothetically "what patriot will step up" to remove Republican Donald Trump from office if he's elected president and oversteps his authority. The company at the time said it was "evaluating its place" in the lineup.

This article was originally published by The Hollywood Reporter.