Author: Jane Edwards|| Date Published: July 31, 2023
The board of directors of Iridium Communications (Nasdaq: IRDM) has approved a plan to buy back another $400 million in shares through Dec. 31, 2025.
Iridium said Thursday the plan marks its third and largest stock buyback authorization and increases the satellite communications company’s total repurchase program to $1 billion, the company said Thursday.
The McLean, Virginia-based company kicked off its stock repurchase program in February 2021 with an authorization of $300 million, followed by another stock buyback plan worth $300 million authorized by the board in March 2022.
“The continued growth of our business, combined with the innovations we’ve developed on our network, has been a boon to our company and in turn, our shareholders,” said Matt Desch, CEO of Iridium and a nine-time Wash100 Award winner.
Iridium is targeting operational earnings before interest, taxes, depreciation and amortization at a range of between 2.5 times to 3.5 times.
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