Sirius XM Radio (SIRI) doubled its fourth-quarter earnings, as subscriber growth continued to drive revenue higher.
The satellite radio operator reported a $156.2 million profit, or two cents a share, well above the $71.3 million, or one cent a share, a year earlier. Revenue climbed to $892.4 million, a 14% increase fueled by subscriber revenue that rose 15% to $774.5 million.
The results were roughly in line with Wall Street expectations. Analysts were looking for per-share earnings of two cents and revenue of $899 million.
Sirius XM ended the period with a total of 23.9 million subscribers, up from 21.9 million the prior year.
Net subscriber additions during the fourth quarter fell 1.5% to 534,953, while net self-pay subscriber additions soared 41% to 528,755. Subscriber turnover for self-pay subscribers fell to 1.8% from 1.9% a year ago.
As for 2013, Sirius reaffirmed its earnings outlook of $3.7 billion in revenue and $1.1 billion in adjusted EBITDA.
Liberty Media (LMCA), after continually raising its stake in the company, recently got permission from the Federal Communications Commission to take control of Sirius XM. Liberty Media has long sought a controlling stake in Sirius XM, whose former CEO Mel Karmazin resigned.
Sirius XM also announced late last year that it planned to initiate a $2 billion stock-repurchase program and a special five-cent dividend that would cost a total of $325 million.
Shares of Sirius XM were down 3 cents, or 1.11%, in pre-market trading Tuesday. As of Monday’s market close, the stock was up 47.3% over the last 12 months.