Iridium (IRDM) Q1 Earnings Match Estimates, Revenues Down Y/Y

Zacks04-19

Iridium Communications IRDM reported earnings per share (EPS) of 16 cents for first-quarter 2024, which matched the Zacks Consensus Estimate of earnings of 16 cents. The company reported earnings of 8...

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The company reported earnings of 8...</p>\n\n<a href=\"https://finance.yahoo.com/news/iridium-irdm-q1-earnings-match-112500842.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Iridium (IRDM) Q1 Earnings Match Estimates, Revenues Down Y/Y</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIridium (IRDM) Q1 Earnings Match Estimates, Revenues Down Y/Y\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-19 19:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/iridium-irdm-q1-earnings-match-112500842.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Iridium Communications IRDM reported earnings per share (EPS) of 16 cents for first-quarter 2024, which matched the Zacks Consensus Estimate of earnings of 16 cents. The company reported earnings of 8...</p>\n\n<a href=\"https://finance.yahoo.com/news/iridium-irdm-q1-earnings-match-112500842.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ANET","symbol_name":"Arista Networks, Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/iridium-irdm-q1-earnings-match-112500842.html","article_id":"2428651412","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/4m6Yrt5OGYQe0oZtN.CWGQ--~B/aD0zNDk7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/c35b98fa9bbd08ef2db417cae984bd68"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2428651412","pubTimestamp":1713525900,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Iridium Communications IRDM reported earnings per share  of 16 cents for first-quarter 2024, which matched the Zacks Consensus Estimate of earnings of 16 cents. The company reported earnings of 8 cents in the prior-year quarter.Management noted that earnings benefited due to 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.Quarterly revenues were $203.9 million, down 0.7% from the year-ago levels. The downside can be attributed to a weakness in equipment revenues. However, the top line surpassed the Zacks Consensus Estimate by 3.6%.Iridium Communications Inc Price, Consensus and EPS Surprise. Iridium Communications Inc price-consensus-eps-surprise-chart | Iridium Communications Inc Quote. Total Service revenues rose 6.6% year over year to $148.5 million. Strong recurring revenues from a growing subscriber base resulted in the upside. Servic","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"ANET":"Arista Networks, Inc.","IRDM":"铱星通讯","MTCH":"Match Group, Inc."},"translate_title":"铱星（IRDM）Q1公司盈利符合预期，收入同比下降","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IRDM":1,"MTCH":1,"ANET":0.9},"content_text":"Iridium Communications IRDM reported earnings per share (EPS) of 16 cents for first-quarter 2024, which matched the Zacks Consensus Estimate of earnings of 16 cents. The company reported earnings of 8 cents in the prior-year quarter.\nManagement noted that earnings benefited due to 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.\nQuarterly revenues were $203.9 million, down 0.7% from the year-ago levels. The downside can be attributed to a weakness in equipment revenues. However, the top line surpassed the Zacks Consensus Estimate by 3.6%.\n\nIridium Communications Inc Price, Consensus and EPS Surprise\n\nIridium Communications Inc price-consensus-eps-surprise-chart | Iridium Communications Inc Quote\n\nTotal Service revenues rose 6.6% year over year to $148.5 million. Strong recurring revenues from a growing subscriber base resulted in the upside. Service revenues contributed 73% to total revenues in the first quarter. Our estimate for the metric was $147.7 million.\nSolid performance in commercial broadband, voice and data, and IoT contributed to the segment’s top-line performance.\nSubscriber Equipment revenues fell 40% year over year to $24.9 million. Engineering and Support Service revenues rose 25% to $24.9 million from the prior-year levels, mainly due to increased government activity.\nOther Details\nTotal operating expenses were $154.1 million, down 15.4% from the prior-year quarter, primarily due to lower depreciation and amortization costs.\nOperational EBITDA (OEBITDA) improved 3% year over year to $111.9 million.Operating income reached $49.7 million compared with $23.1 million in the year-ago quarter.\nAs of Mar 31, 2024, the company had 2,333,000 billable subscribers, up 13.8% compared with 2,051,000 at March 2023-end. The year-over-year gain was backed by strength in commercial IoT.\nAs of Mar 31, 2024, cash, cash equivalents and marketable securities were $174 million, with $1.62 billion of net debt. Capital expenditures were $14.5 million in the quarter under review.\nIn the first quarter of 2024, IRDM repurchased 1.9 million shares worth $56.6 million. On Jul 28, 2023, it announced that its board of directors was authorized to repurchase an additional $400 million of the company’s shares through Dec 31, 2025. As of Mar 31, 2024, it had shares worth $277.4 million under the repurchase program.\nIn the first quarter, the company completed 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.\nGuidance\nManagement expects total Service revenue growth between 4% and 6% for 2024. OEBITDA is projected to be in the range of $460-$470 million.\nZacks Rank and Other Stocks to Consider\nIridium currently sports a Zacks Rank #1 (Strong Buy).\nSome other top-ranked stocks from the broader technology space are Synopsys SNPS, Pinterest PINS and Arista Networks ANET. Each stock presently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.\nThe Zacks Consensus Estimate for Synopsys’ 2024 EPS has decreased 0.7% in the past 60 days to $13.28. SNPS’s long-term earnings growth rate is 17.5%.\nSynopsys’ earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, delivering an average surprise of 4.1%. SNPS shares have risen 56.1% in the past year.\nThe Zacks Consensus Estimate for PINS’s 2024 EPS has increased 0.7% in the past 60 days to $1.34. PINS’s long-term earnings growth rate is 20.1%.\nPinterest’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, delivering an average earnings surprise of 37.4%. Shares of PINS have gained 13% in the past year.\nThe Zacks Consensus Estimate for ANET’s 2024 EPS has increased 0.4% in the past 60 days to $7.49. ANET’s long-term earnings growth rate is 17.5%.\nArista Networks’ earnings beat the Zacks Consensus Estimate in each of the last four quarters, delivering an average earnings surprise of 13.3%. Shares of ANET have gained 62.7% in the past year.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nSynopsys, Inc. (SNPS) : Free Stock Analysis Report\nIridium Communications Inc (IRDM) : Free Stock Analysis Report\nArista Networks, Inc. (ANET) : Free Stock Analysis Report\nPinterest, Inc. (PINS) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428651412"}