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.
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.
"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."
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.