Sirius XM Holdings Inc. (SIRI - Free Report) reported third-quarter 2018 earnings of 7 cents per share that beat the Zacks Consensus Estimate by a penny. The figure increased 16.7% on a year-over-year basis.
Total revenues increased 6.4% from the year-ago quarter to $1.47 billion and beat the Zacks Consensus Estimate of $1.46 billion. The increase was driven by growth in subscribers.
Average revenue per user (ARPU) increased 0.5% year over year to $13.48. The new revenue recognition standard negatively impacted ARPU by 24 cents.
Segment Details
Subscriber revenues (79.2% of total revenues) increased 2.3% year over year to $1.16 billion. In the third quarter, Sirius XM added 198K net new subscribers. As a result, total subscribers, as of Sep 30 were 33.7 million, better than 33.5 million as of Jun 30.
Sirius XM added 298K net new self-pay subscribers in the third quarter to end with approximately 28.5 million self-pay subscribers.
Sirius XM stated that that the self-pay monthly churn rate of 1.8% improved 12 basis points (bps) year over year. New car conversion rates were 39% and used car rates were in the high-20s in the third quarter.
Advertising revenues (3.1% of total revenues) increased 11.4% year over year to $46.2 million. Equipment revenues (2.8% of total revenues) were up 25.9% year over year to $40.7 million.
Music royalty fees and other revenues (14.9% of total revenues) rose 28.4% year over year to $218.1 million.
Sirius XM Holdings Inc. Price, Consensus and EPS Surprise
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Sirius XM Holdings Inc. (SIRI - Free Report) reported third-quarter 2018 earnings of 7 cents per share that beat the Zacks Consensus Estimate by a penny. The figure increased 16.7% on a year-over-year basis.
Total revenues increased 6.4% from the year-ago quarter to $1.47 billion and beat the Zacks Consensus Estimate of $1.46 billion. The increase was driven by growth in subscribers.
Average revenue per user (ARPU) increased 0.5% year over year to $13.48. The new revenue recognition standard negatively impacted ARPU by 24 cents.
Segment Details
Subscriber revenues (79.2% of total revenues) increased 2.3% year over year to $1.16 billion. In the third quarter, Sirius XM added 198K net new subscribers. As a result, total subscribers, as of Sep 30 were 33.7 million, better than 33.5 million as of Jun 30.
Sirius XM added 298K net new self-pay subscribers in the third quarter to end with approximately 28.5 million self-pay subscribers.
Sirius XM stated that that the self-pay monthly churn rate of 1.8% improved 12 basis points (bps) year over year. New car conversion rates were 39% and used car rates were in the high-20s in the third quarter.
Advertising revenues (3.1% of total revenues) increased 11.4% year over year to $46.2 million. Equipment revenues (2.8% of total revenues) were up 25.9% year over year to $40.7 million.
Music royalty fees and other revenues (14.9% of total revenues) rose 28.4% year over year to $218.1 million.
Sirius XM Holdings Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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