Sirius posts a profit

Satellite radio company also adds 171,000 net subscribers--an improvement over the year-ago quarter when it lost 404,000 customers.

John Paczkowski

Sirius XM Radio's latest quarter turned out to be a decent one for the satellite-radio operator.

Posting first quarter earnings before market open Tuesday, the company reported a profit of $41.6 million, or 1 cent a share, compared with a year-earlier loss of $52.6 million, or 7 cents a share.

Revenue rose 13 percent to $663.8 million. Analysts polled by Thomson Reuters had expected the company to break on revenue of $671 million.

The company added 171,441 net subscribers during the period and reiterated its view that it expects to add more than 500,000 subscribers this year. That's quite an improvement over the year-ago quarter in which it lost 404,422 of them.

Sirius ended March with 18.94 million subscribers.

"Continued positive subscriber growth, double-digit growth in revenue, and a sharp focus on costs resulted in the highest quarterly adjusted operating income in the company's history," Sirius CEO Mel Karmazin said in a statement. "The continuing recovery of the automotive sector and expanding signs of increased consumer spending are encouraging signs for the company's growth prospects."

This was more good news for the company, which last week avoided delisting from Nasdaq.