SIRI Sirius XM Holdings Inc

By Cristina Roca

Sirius XM Holdings Inc. (SIRI) on Wednesday reported a 44% drop in first-quarter profit due to its purchase of Pandora Media, and issued new guidance to include the new business.

The New York audio entertainment company earned a quarterly profit of $162 million, or 3 cents a share, compared with $289.4 million, or 6 cents a share, for the same period last year. The result fell short of analysts' expectations, which had put Sirius's first-quarter profit at 4 cents a share, according to a consensus estimate provided by FactSet.

Revenue rose to $1.74 billion from $1.38 billion, driven by the Pandora acquisition, Sirius said. The purchase was completed on Feb. 1.

Sirius issued combined 2019 guidance to reflect the integration of Pandora.

The company backed its existing 2019 guidance of near one million in Sirius XM self-pay net subscriber additions and said it expects its pro forma revenue to be about $7.7 billion for the year, up from its previous guidance of $6.1 billion for the year. The company expects its adjusted earnings before interest, taxes, depreciation and amortization at about $2.3 billion, and its free cash flow at about $1.6 billion.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

April 24, 2019 07:35 ET (11:35 GMT)

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