Analyst Comments Going Into Sirius Earnings Release Tomorrow
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31-Jul-06, 15:11
SIRI Sirius Satellite: Earnings Preview (4.25 +0.11) -Update-
SIRI plans to release 2Q06 earnings tomorrow morning with analysts expecting ($0.15) on revs of $147.04 mln.
Barrington Research expects the co to report EPS of ($0.15), matching the consensus mean est. Firm's est had previously been $(0.14) but the added SAC costs associated with the co's success in adding subscribers at a faster-than-anticipated rate had an immediate negative impact on reported EPS. Firm says SIRI's momentum at the retail level appears likely to persist.
Morgan Joseph notes the co previously reported net subscribers of 600,460 for the quarter. Based on its subscriber addition trends, firm remains confident that the co's goal of 6.2 mln subscribers and $600 mln in revs by 2006 year-end is achievable.
Stanford says that SIRI added over 600,000 net new customers in Q2, beating expectations for 550,000. SIRI added over 200,000 more customers in the period than its competitor XMSR. This should put SIRI on track to reach 6.3 mln subscribers by the end of Y06. Thursday, XMSR reported Q2 results and mentioned market share losses to SIRI, most noticeably in the retail market. Firm believes SIRI should continue its retail dominance entering the 2H06. Firm projects that SIRI will serve 6.3 mln customers by the end of Y06 and 9.3 mln by the end of Y07.
7/31/2006 03:26:00 PM
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