Sirius XM may buy back $1.8 billion more in stock

By on Jul, 30 2014 with Comments 0

BarronsBarron’s Maxim Group noted that on Sirius XM’s recent call, it reported a record Q2 with 31% EBITDA and increased FY guidance. So, they are increasing their 2014 EBITDA estimate to $1.49 billion (up 28.1% year-over-year), from $1.39 billion, as subscriber acquisition costs should continue to trend down with greater used-car subscribers driving significant margin improvement. Sirius bought back 6% of shares outstanding this quarter, and 14% since the buyback commenced last year. Liberty Media now owns 55.7% as it is not tendering any Sirius stock. The remaining repurchase authorization stands at about $1.7 billion.

Said Maxim Group in the report:

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About The Author: Carl has been with RBR-TVBR since 1997 and is currently Managing Director/Senior Editor. Residing in Northern Virginia, he covers the business of broadcasting, advertising, programming, new media and engineering. He’s also done a great deal of interviews for the company and handles our ever-growing stable of bylined columnists.

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