Only a half month after reporting its Q1 financial results and providing guidance to Wall Street about expectations for the full year, Sirius XM has already increased that guidance.
“Our continuing strong operating performance, the recovering economy, and improving auto sales support our increase in guidance today,” said CEO Mel Karmazin.
RBR-TVBR went back to check that previous guidance, so our readers can see just how much things have improved in that short period of time. The biggest change is in the company’s projection of subscriber additions this year. Whereas Sirius XM had previously told investors and analysts to expect a half million in net subscriber additions in 2010, the number has now been increased to three-quarters of a million – 750,000 net new subs.
On the revenue side, Sirius XM is now projecting pro-forma revenue to be approximately $2.75 billion. That’s up only modestly from the previous guidance of $2.7 billion. The guidance for pro forma adjusted income from operations has been increased from $550 million to $575 million.
Finally, Sirius XM now says it expects free cash flow for 2010 to exceed $100 million. The company had previously said only that it expected free cash flow to be a positive number.