Sirius Stock Rises On Third-quarter Earnings Match

By Emma CourtMarketsMarketWatch Pulse

Sirius XM Holdings Inc. shares rose 2.6% in premarket trade Thursday after the company matched third-quarter earnings expectations. Net income for the latest quarter rose to $194 million, or 4 cents per share, from $167 million, or 3 cents per share in the year-earlier period. The FactSet earnings-per-share consensus was 4 cents. Revenue rose to $1.28 billion from $1.17 billion, compared to the FactSet consensus of $1.27 billion. Sirius said it would distribute its first quarterly dividend of 1 cent per share, payable on Nov. 30. The company plans to add $2 billion to their share buyback program, bringing its total share buyback authorization to $10 billion, $7.6 billion of which it has already bought back. The company also raised its revenue guidance for 2016 to about $5 billion. Sirius shares rose 4.2% year-to-date, compared with a 4.7% rise in the S&P 500 .

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below