Iridium Communications (IRDM) came out with quarterly earnings of $0.16 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this satellite phone company would post earnings of $0.03 per share when it actually produced earnings of $0.30, delivering a surprise of 900%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Iridium, w ...

Subscriber Growth - As of March 31, 2024, the company had approximately 2,333,000 billable subscribers, an increase of 282,000, or 14%, from 2,051,000 billable subscribers as of March 31, 2023[23]. - Commercial IoT revenue increased by $7.4 million, or 23%, for the three months ended March 31, 2024, driven by an 18% increase in billable subscribers[34]. - Commercial voice and data revenue increased by $2.6 million, or 5%, for the three months ended March 31, 2024, primarily due to an increase in billable subscribers and ARPU[34]. Revenue Performance - Total revenue for the three months ended March 31, 2024, was $203.853 million, a decrease of $1.420 million, or 1%, compared to $205.273 million for the same period in 2023[27]. - Revenue from services increased by $9.228 million, or 7%, to $148.577 million for the three months ended March 31, 2024, compared to $139.349 million in the prior year[27]. - Engineering and support services revenue rose by $6.160 million, or 25%, to $30.408 million for the three months ended March 31, 2024[27]. - Government services revenue remained unchanged at $26.5 million for the three months ended March 31, 2024, compared to the same period in 2023[36]. - Subscriber equipment revenue decreased by $16.8 million, or 40%, for the three months ended March 31, 2024, compared to the prior year period[38]. Income and Expenses - The company reported an operating income of $49.771 million for the three months ended March 31, 2024, an increase of $26.623 million, or 115%, from $23.148 million in the same period of 2023[27]. - The company’s net income for the three months ended March 31, 2024, was $19.653 million, an increase of $9.878 million, or 101%, from $9.775 million in the prior year[27]. - Research and development expenses increased by $3.320 million, or 86%, to $7.198 million for the three months ended March 31, 2024[27]. - Cost of services (exclusive of depreciation and amortization) increased by $9.8 million, or 27%, for the three months ended March 31, 2024, driven by increased government project work[40]. - Selling, general and administrative expenses decreased by $1.9 million, or 5%, for the three months ended March 31, 2024, primarily due to reduced stock appreciation rights expense[43]. - Depreciation and amortization expense decreased by $26.1 million, or 34%, for the quarter ended March 31, 2024, due to an extension of the estimated useful lives of satellites[45]. Cash and Debt - Total cash and cash equivalents balance was $174.0 million as of March 31, 2024, up from $71.9 million as of December 31, 2023[50]. - The Term Loan balance increased to $1,620.9 million as of March 31, 2024, following additional borrowings to fund the acquisition of Satelles, Inc.[51]. - Total dividends paid during the three months ended March 31, 2024, were $16.1 million, with future dividends subject to the discretion of the Board of Directors[54].

–        Completes acquisition of Satelles, Inc., its first ever acquisition, on April 1 MCLEAN, Va., April 18, 2024 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq:IRDM) ("Iridium"), a leading provider of global voice and data satellite communications, today reported financial results for the first quarter of 2024 and reiterated its full-year 2024 outlook. Net income was $19.7 million, or $0.16 per diluted share, for the first quarter of 2024, as compared to net income of $9.8 million, or $0.08 per dil ...

Investor Contact: Press Contact: Kenneth Levy Iridium Communications Inc. +1 (703) 287-7570 ken.levy@iridium.com Commercial service remained the largest part of Iridium's business, representing 60% of the Company's total revenue during the first quarter. The Company's commercial customer base is diverse and includes markets such as maritime, aviation, oil and gas, mining, recreation, forestry, construction, transportation and emergency services. These customers rely on Iridium's products and services as cri ...

Iridium Communications (IRDM) is slated to release first-quarter 2024 results on Apr 18, before market open.The Zacks Consensus Estimate for earnings per share (EPS) is pegged at 16 cents, unchanged in the past 30 days. In the year-ago quarter, the company reported EPS of 8 cents. The consensus estimate for revenues is pegged at $196.8 million, suggesting a decline of 4.1% from the year-ago levels.IRDM’s earnings beat the Zacks Consensus Estimate in two of the last four quarters, while missing in the remain ...

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Iridium Communications (IRDM) recently inked a five-year commercial contract with L3Harris Technologies (LHX) . Per the agreement, Iridium Satellite Time and Location (STL) service will be utilized in more than 36 L3Harris-operated communications network backbone nodes and Federal Aviation Administration (“FAA”) facilities across the United States.LHX is a prominent technology-oriented aerospace and defense company that supplies modern defense and commercial technologies across air, land, sea, space and cyb ...

Latest deployment of Iridium STL will provide a resilient timing sync service to data center facilities across the U.S.MCLEAN, Va., April 9, 2024 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today announced a new five-year commercial contract with L3Harris Technologies [NYSE: LHX] for the Iridium® Satellite Time and Location (STL) service. Under the terms of the five-year agreement, Iridium will provide the STL service to m ...

In the latest market close, Iridium Communications (IRDM) reached $25.42, with a +0.87% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.04%. Elsewhere, the Dow saw a downswing of 0.03%, while the tech-heavy Nasdaq appreciated by 0.03%.Coming into today, shares of the satellite phone company had lost 11.55% in the past month. In that same time, the Computer and Technology sector gained 4.26%, while the S&P 500 gained 2.57%.The upcoming earnings re ...

Iridium Communications (IRDM) has recently closed the acquisition of Satelles, Inc., which is a leading provider of secure satellite-based time and location (STL) services. The buyout has enhanced Iridium’s solution portfolio with advanced STL services, which is now referred to as Iridium STL.STL emerges as an important service in areas where Global Positioning System (GPS) or Global Navigation Satellite System (GNSS) signals are unable to reach. It works on signals relayed by a constellation of Low Earth o ...