Sirius XM Radio Adds 334,000 Subscribers in Third Quarter
Sirius XM Radio Adds 334,000 Subscribers in Third Quarter

Satellite radio company Sirius XM Radio on Tuesday reported improved first-quarter financials and continued subscriber growth.

The company added 405,000 subscribers to end March with a user base of 22.3 million.

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Sirius recorded a quarterly profit of $108 million, up 38 percent compared with $78 million in the year-ago period. Revenue rose 11 percent to a record $805 million.

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"Sirius XM is starting the year with tremendous operational momentum," said CEO Mel Karmazin. "We grew subscribers faster than any first quarter since our 2008 merger of Sirius and XM."

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Amid continuing strong auto sales trends, Sirius raised its full-year subscriber growth forecast from 1.3 million to 1.5 million. "Rising auto sales and our strong execution should enable us to exceed our prior 2012 subscriber growth guidance," Karmazin said.