Home / Financial Report / Iridium 3Q Earnings, Revenue Beat Wall Street Estimates; Matt Desch on Currency Headwinds

Iridium 3Q Earnings, Revenue Beat Wall Street Estimates; Matt Desch on Currency Headwinds

IridiumLogoIridium Communications (Nasdaq: IRDM) has reported third quarter earnings of 24 cents per share to exceed Wall Street analyst forecasts by 5 cents and the prior year figure by 7 cents.

Profit at the McLean, Va.-based satellite communications provider climbed 44.92 percent year-over-year to $29.54 million and revenue declined 1.4 percent from the prior year period to $106.03 million.

Second quarter revenue beat the consensus Wall Street forecast by $1.4 million.

Sales in the company’s government segment rose 12.5 percent year-over-year to $18 million on continued activity through its contract to provide airtime services to the Defense Department and a 21.05 percent increase in subscribers from the same quarter last year.

CEO Matt Desch told investors in a subsequent call the company also foresees potential opportunities in the tactical radio arena for U.S. government agencies.

Commercial service revenue declined 3.65 percent year-over-year to $63.2 million, which Desch attributed to impact from a strong U.S. dollar that continued from the second quarter.

As of Thursday’s close, Iridium’s stock is down 18.46 percent from the year’s start and has declined 12.44 percent over 12 months.

Check Also

Federal IT Services Vet Debbie Granberry Appointed Business Dev’t VP at HighPoint

Debbie Granberry, former general manager of government health services at Advanced Concepts and Technologies International, has joined HighPoint Global as vice president of business development.

NASA Taps Boeing to Produce Deep-Space Exploration Rocket Stages; Jim Chilton Quoted

NASA has chosen Boeing (NYSE: BA) to manufacture up to 10 core stages and eight upper stages to power the  Space Launch System on the agency's third to 12th deep-exploration missions under the Artemis program.