Iridium Communications (NASDAQ: IRDM) has announced financial results for the fourth quarter and its full 2014 fiscal year ended Dec. 31, 2014.
The McLean, Va.-based satellite services provider said its full-year revenue increased 7 percent from 2013 figures to $408.6 million and 2 percent for the quarter to $100.5 million from the prior year period.
Profit for the 2014 fiscal year rose 20 percent to $75 million and 47.4 percent for the fourth quarter to $23 million.
For its government services segment, Iridium reported an approximate 10.8 percent increase in revenue for the year to $65.5 million and 12-percent year-over-year growth for the quarter to $17.5 million.
Iridium attributed the results to the company’s five-year, $400 million airtime services contract with the Defense Department.
“Our commercial (machine-to-machine) business grew service revenue and subscribers 19%, while our maritime business also performed well, with Iridium OpenPort revenue expanding 12% year-over-year, ” said Matt Desch, Iridium CEO.
The company expects to see total service revenue growth of between 3 and 6 percent for its 2015 fiscal year.
“Our long-range guidance remains unchanged, as future contributions from our U.S. government business, the value of our Aireon joint venture, new products and the potential of Iridium NEXT broadband services all support a healthy service revenue trajectory, ” Desch said.