Sirius XM and Blackstone released their latest earnings reports before opening bell this morning. Sirius posted earnings of 4 cents per share, which was in line with consensus, on $1.3 billion in revenue, which was also in line with the Street’s expectations.
Blackstone posted economic net income of 57 cents per share, basic earnings per share of 48 cents and earnings of 47 cents per diluted share on $1.43 billion in revenue. Analysts had been expecting earnings of 47 cents per share and $1.34 billion in revenue. In last year’s third quarter, the firm posted $11.6 million in revenue.
Sirius XM sets several quarterly records
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Sirius XM’s net income increased 16% to $194 million, while its adjusted EBITDA rose 10% to $492 million. The adjusted EBITDA margin was 38.4%. The company added 385,000 self-pay subscribers during the quarter to bring its total subscriber base close to 31 million. Total self-pay subscribers were 25.5 million at the end of the quarter.
Sirius XM also increased its full-year and adjusted EBITDA guidance. The company looks for full-year revenues of around $5 billion and about $1.85 billion in adjusted EBITDA. It continues to expect to add about 1.6 million net self-pay subscribers and about 1.7 million total net subscribers.
The satellite radio provider initiated a regular quarterly dividend of 1 cent per share and added $2 billion to its share repurchase authorization. Sirius XM bought back 72 million shares for about $300 million during the third quarter.
Shares of Sirius XM jumped by as much as 1.89% to $4.32 in premarket trades this morning.
Blackstone’s management and advisory fees declined 15% year over year to $596.15 million, while its investment income flipped into the green to $143.1 million from -$79.35 million. Total assets under management reached a record $361 billion during the quarter. Gross inflows were $14.7 billion.
The firm’s private equity revenue was $336.6 million, compared to -$521.9 million last year. Real estate revenue surged 234% to $629.7 million, while hedge fund solutions revenue grew 65% to $162.4 million. Credit revenue skyrocketed 384% to $266.2 million.
Shares of Blackstone jumped by as much as 2.84% to $26.10 in premarket trading this morning.