Mel Karmazin
By Relmor Demitrius
After Sirius XM Radio (NASDAQ:SIRI) released their 2nd quarter financial results in a conference call earlier this morning, Standard and Poors (S&P) Rating agency has revised their equity rating on Sirius XM Radio from HOLD to BUY. S&P also has a $1.50 price target on the equity. This comes off the heels of a solid to excellent quarter from the company. They had record revenue coming in at over $705 million and managed costs once again. Despite huge jumps in auto sales versus last quarter and one year ago, costs still did not outdistance profits. Sirius XM once again posted a profitable quarter, this time despite hefty one time charges related to paying off and refinancing certain debt notes, coming in at around 15 million dollars. That beat
estimates of flat to a minor loss expected with actual results slightly to positive at almost .01 EPS.
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