Sirius XM posts record high revenue in 2018

Sirius XM released its fourth-quarter financial results. Total revenue in Q4 was nearly $1.5 billion, up from $1.4 billion. Quarterly net income reached $251 million, compared with a loss of $37 million in the year-ago period. The satellite radio company posted a net loss of 6 cents per diluted share, compared with a loss of 1 cent per diluted share in the final quarter of 2017.

“SiriusXM had a strong finish to 2018, a year that saw our ninth consecutive year of one-million-plus net subscriber adds and our lowest full-year churn rate in the past decade,” CEO Jim Meyer said. “We have set even more ambitious goals for the Company to continue growing in 2019. In addition, we were pleased that yesterday Pandora’s stockholders voted in favor of our proposed merger, and expect to close the transaction shortly.”

In all of 2018, the company posted a record-high revenue of $5.77 billion, compared with $5.43 billion in 2017. Annual net income grew 81% to $1.2 billion, another record. Net income in 2018 was 26 cents per diluted share, up from 14 cents per share.

Sirius XM shared its 2019 guidance, with expectations to see total revenue of about $6.1 billion on an adjusted EBITDA of about $2.3 billion. The year ahead will also see Meyer assuming the CEO post at Pandora once its acquisition by Sirius XM is complete.

Anna Washenko