The satellite communications company said Thursday the plan marks its fourth and largest stock buyback authorization and increases the total value of Iridium’s repurchase program to $1.5 billion.
The McLean, Virginia-based company started its share repurchase program in February 2021 with an authorization of $300 million, followed by another stock buyback plan worth $300 million in March 2022 and the third authorization valued at $400 million in July 2023.
“With the completion of the Iridium NEXT program, Iridium began generating meaningful free cash flow and committed to implementing shareholder-friendly activities,” said Iridium CEO Matt Desch.
“In the last few years, we have already returned over a billion dollars through share repurchases and dividends, and this authorization continues the trend, making us one of the most shareholder-friendly companies, not just in Space, but throughout the tech and telecom industries as well,” added Desch, a 2024 Wash100 awardee.
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