Iridium Soars 14% on Record Q3 Results, Raises Full-Year Outlook

GuruFocus10-18

Iridium Communications' (IRDM, Financial) stock jumped 14% today after reporting record-breaking Q3 2024 results, fueled by solid performance across the board. Net income hit $24.4 million, a sharp ...

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Net income hit $24.4 million, a sharp ...</p>\n\n<a href=\"https://www.gurufocus.com/news/2557675/iridium-soars-14-on-record-q3-results-raises-fullyear-outlook\">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":"LU0054578231.USD","symbol_name":"BGF SYSTEMATIC SUSTAINABLE GLOBAL SMALLCAP \"A2\" (USD) ACC","start_time":0,"source_url":"https://www.gurufocus.com/news/2557675/iridium-soars-14-on-record-q3-results-raises-fullyear-outlook","article_id":"2476102053","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2476102053","pubTimestamp":1729181559,"sourceInfo":{"source_id":"gurufocus_highlight","name":"GuruFocus"},"weMediaInfo":null,"summary":"Iridium Communications' (IRDM, Financial) stock jumped 14% today after reporting record-breaking Q3 2024 results, fueled by solid performance across the board. 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The backbone of Iridium's growth came from its commercial services, which now account for 63% of revenue, with the commercial IoT sector leading the charge—subscribers jumped 14%, solidifying Iridium's grip on this market.A major pillar of Iridium's success continues to be its long-term U.S. government contracts, particularly its Enhanced Mobile Satellite Services deal with the U.S. Space Force. Government service revenue remained steady at $26.5 million, while equipment sales and engineering support saw notable gains. Equipment sales rose 9%, and engineering and support revenue skyrocketed 22%, showcasing Iridium's broad operational strength.Looking forward, Iridium boosted its full-year outlook, now predicting 5% growth in service revenue and Operational EBITDA in the range of $465 million to $470 million. The company is also rewarding shareholders with an expanded $500 million share repurchase program and continued dividend payouts. 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