Boston, MA 04/24/2014 (wallstreetpr) – Sirius XM Holdings Inc. (NASDAQ:SIRI) is scheduled to post its first quarter financial results today. Ahead of the results, the shares of the company were marginally below by nearly 2% and closed at $3.17.
FBR Capital Is Positive
This time around the analysts have set their target for its net earnings at $0.02 per share, which is in line with the company’s previous reported earnings during the first quarter in 2013. During the fourth quarter, the company has reported earnings per share of $0.01, which failed to meet the Wall Street’s projection of $0.02 per share. Over a period of last one year, Sirius XM Holdings Inc. (NASDAQ:SIRI)’s earnings per share has posted a decline of 89.09%. The revenue estimates for the first quarter is at $994.58 million by the analysts.
As the time for the scheduled release of earnings closes in, an analyst at FBR Capital is optimistic that the company’s results will erase the continuing fears about the falling consumer demand for digital radio. On the contrary, FBR Capital anticipates the company to report an increase in consumers’ interest, in its products. In view of which, the research firm is having an ‘Outperform’ rating on the stock.
Closure Of Private Placement
Yesterday, Sirius XM Holdings Inc. (NASDAQ:SIRI)’s holding firm Sirius XM Canada Holdings Inc, announced the closure of its earlier declared private placement relating to 5.625% Senior Unsecured Notes bearing principal amount of $200 million that are due to mature in 2021. The company mentioned that it will utilize the net proceeds received from the offering towards redemption of its 9.75% senior notes bearing principal amount of $130.8 million and are due to mature in 2018. The remainder of the net proceeds will be employed towards general corporate purposes, which includes objectives of return of capital to the shareholders, funding of the acquisition, capital outlay and reinvestment of the funds in the business.