Radio Broadcaster Sirius XM Radio Inc. (SIRI) posted an increase in its profit for the first quarter, and said it has appointed James Meyer as its permanent Chief Executive Officer.
The company's net profit for the quarter rose to $123.6 million from $107.7 million, while earnings per share stood at $0.02. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.03 for the quarter. Analysts' estimates typically exclude one-time items.
Adjusted EBITDA grew 26 percent to $262 million in the quarter.
Total revenues grew to $897.4 million from $804.7 million last year, with subscriber base up 9 percent to 24.4 million. The company said it still expects total subscriber additions of about 1.4 million in 2013. Analysts estimated revenues of $906.01 million for the quarter.
In addition, Sirius announced that James Meyer has been appointed as its permanent Chief Executive Officer, effective immediately. Meyer has served as the interim CEO since December.
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