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Sirius XM posts higher 1Q net income

NEW YORK (AP) -- Satellite radio company Sirius XM Radio Inc. said Tuesday that its first-quarter net income rose 15 percent as its revenue and subscriber base grew.

Sirius also named Jim Meyer as CEO. Meyer has served as interim CEO since December after Mel Karmazin stepped down.

The company earned $123.6 million, or 2 cents per share, down from $107.8 million, or 2 cents per share, in the same period a year earlier. Revenue rose 11.5 percent to $897.4 million from $804.7 million.

Analysts, on average, were expecting earnings of 2 cents per share on revenue of $905.8 million, according to a surveyl by FactSet.

Sirius said its subscriber base grew by 453,000, or 9 percent, to 24.4 million as of the end of the quarter.

For 2013, the company is forecasting revenue of more than $3.7 billion. Analysts are expecting $3.41 billion.

Shares of the New York-based company rose 15 cents, or 4.9 percent, to $3.22 in morning trading after trading as high as $3.25 earlier in the day, its highest level since May 2004. Liberty Media Corp. owns a majority stake in Sirius.