Sirius XM Lifts 2016 Revenue Outlook; To Buy Back Addl. $2 Bln Of Share

(RTTNews) - Sirius XM Holdings Inc. (SIRI) increased 2016 revenue and adjusted EBITDA guidance. It initiated regular quarterly dividend of $0.01 per Share.The Board also approved an additional $2 billion of share repurchases, bringing SiriusXM's total repurchase authorization to $10 billion.

SiriusXM also announced that its Board of Directors declared its first quarterly dividend in the amount of $0.01 per share of common stock payable on November 30, 2016 to stockholders of record as of the close of business on November 9, 2016. The company also announced that the Board of Directors intends to institute a quarterly dividend on its common stock in an aggregate annual amount of $0.04 per share.

The Board also approved an additional $2 billion of share repurchases, bringing SiriusXM's total repurchase authorization to $10 billion. SiriusXM has already repurchased an aggregate of $7.6 billion of common stock under its stock repurchase program.

The company now expects full-year 2016 revenues to be approximately $5 billion and adjusted EBITDA to reach approximately $1.85 billion. SiriusXM's 2016 guidance for continued growth in total subscribers, self-pay subscribers, and free cash flow remains unchanged.