MCLEAN, Va., March 12, 2024 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM) a leading provider of global voice and data satellite communications, today announced Cosco Shipping (CSSC), the world's largest fleet of commercial vessels with 1,417 ships, has begun installation of Iridium® Global Maritime Distress and Safety System (GMDSS) terminals. The recent installation of the Lars Thrane LT-3100S terminal on the Cosco Tengfei is a testament to CSSC always prioritizing the safety of its crew, ship ...

A downtrend has been apparent in Iridium Communications (IRDM) lately with too much selling pressure. The stock has declined 17.5% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicato ...

Iridium Communications (IRDM) announced the acquisition of a leading provider of secure satellite-based time and location services — Satelles. The acquisition aligns with Iridium's strategy of investing in advanced technologies that excel within its network.The satellite-based time and location service is called Satellite Time and Location (STL). This service enhances the reliability and security of timing systems for digital infrastructure such as 5G base stations and data centers, safeguarding against vul ...

Iridium's advanced portfolio of easily integrated assured PNT solutions will protect global industries and digital critical infrastructureMCLEAN, Va., March 4, 2024 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today announced that it had entered into an agreement to acquire Satelles, Inc., the leader in highly secure satellite-based time and location services that complement and protect GPS and other GNSS-reliant systems. T ...

MCLEAN, Va., Feb. 28, 2024 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today announced that the Republic of Korea (ROK) Ministry of Defense (MOD) has adopted Iridium® connectivity for strategic use within its military operations. The ROK Army will leverage a full suite of Iridium products and services to enhance operations, including real-time position tracking capabilities for soldiers. SAT-PRE by Arion Iridium servic ...

Iridium Communications (IRDM) has been on a downward spiral lately with significant selling pressure. After declining 22.2% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting wh ...

Iridium Communications (IRDM) reported earnings per share (EPS) of 30 cents for fourth-quarter 2023, which beat the Zacks Consensus Estimate of earnings of 3 cents. The company reported a loss of 1 cent in the prior-year quarter.Management noted that earnings benefited due to an increase in tax benefits and continued growth in total commercial services. Additionally, the company's expected satellite useful lifetimes have changed, which has resulted in a year-over-year decrease in depreciation expense.Quarte ...

Financial Data and Key Metrics Changes - Iridium generated approximately $1 billion in free cash flow since turning cash flow positive in late 2019, with expectations of $3 billion in shareholder returns between 2023 and 2030 [6][31] - Pro forma free cash flow was $303 million in 2023, with dividends and share repurchases totaling $311.8 million during the year [22][32] - Operational EBITDA rose 7% year-over-year to $114 million in Q4 2023, with total revenue growing to $195 million [72] Business Line Data and Key Metrics Changes - Commercial service revenue increased by 10% year-over-year to $121.5 million in Q4 2023, driven by new contract wins and strong equipment sales [72] - Engineering and support revenue grew 74% year-over-year to $31.1 million in Q4 2023, reflecting increased work with the Space Development Agency [26] - Personal satellite communications subscribers increased by 18% year-over-year, ending 2023 with over 900,000 devices on the network [23] Market Data and Key Metrics Changes - Government service revenue remained stable at $26.5 million in Q4 2023, consistent with the terms of the EMSS contract with the U.S. government [25] - Revenue from hosted payload and other data services rose to $15.2 million in Q4 2023, primarily due to higher precision location service revenues [50] Company Strategy and Development Direction - Iridium plans to invest in R&D and product development initiatives, including Project Stardust, to capitalize on long-term growth opportunities [39][42] - The company aims to maintain its lead in traditional growth areas like IoT and U.S. government services while expanding its safety service offerings in maritime and aviation [41][42] - Iridium's strategy includes positioning its services as companions to existing VSAT offerings, differentiating itself from competitors like Starlink [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, despite challenges in 2024 due to expected declines in equipment revenue and ARPU [44][76] - The updated useful life of the satellite constellation to 17.5 years is expected to positively impact net income and earnings per share, although it will reduce annual service revenue by approximately $9.1 million through 2029 [21][46] - Management anticipates service revenue growth of 4% to 6% in 2024, with operational EBITDA projected between $460 million and $470 million [76] Other Important Information - Iridium's cash and cash equivalents balance was approximately $72 million as of December 31, 2023, sufficient to fund operations and support dividend payments [57] - The company expects minimal cash taxes of less than $10 million per year from 2024 through 2026, incorporating additional R&D credits [56] Q&A Session Summary Question: Impact of the extension of useful life on revenue - The extension of the useful life resulted in a $2.3 million non-cash hit in Q4, while a $2 million non-recurring benefit from a contract was recognized [88] Question: Dividend policy review timing - The annual review of the dividend policy will occur in the second quarter, with a planned 6% increase starting then [89] Question: Details on Project Stardust investment - Project Stardust involves incremental investments in updating satellite software and new ground infrastructure, with ongoing discussions with partners [91][92] Question: Certification timeline for safety services - Certification for the safety program is expected later in the year, with trials scheduled with airlines [129] Question: Subscriber equipment revenue outlook - Subscriber equipment revenue is expected to normalize in 2024, with a decline anticipated from 2023 levels [107]

Iridium Communications (IRDM) reported $194.74 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 0.5%. EPS of $0.30 for the same period compares to -$0.01 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $193.25 million, representing a surprise of +0.77%. The company delivered an EPS surprise of +900.00%, with the consensus EPS estimate being $0.03.While investors closely watch year-over-year changes in headline numbers -- revenue an ...

Iridium Communications (IRDM) came out with quarterly earnings of $0.30 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 900%. A quarter ago, it was expected that this satellite phone company would post earnings of $0.03 per share when it actually produced a loss of $0.01, delivering a surprise of -133.33%.Over the last four quart ...