Iridium's third-quarter performance is likely to have benefited from momentum in commercial service revenues and increasing subscriber base.
Get a deeper insight into the potential performance of Iridium (IRDM) for the quarter ended September 2024 by going beyond Wall Street's top -and-bottom-line estimates and examining the estimates for some of its key metrics.
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Iridium Communications' stock was upgraded to 'buy' after a significant price decline, leading to a 15.2% gain versus the S&P 500's 1.6%. The company showed strong performance in its Commercial Services segment, with revenue increasing by 6.1%, despite some weaknesses in other areas. Management's optimistic outlook includes a robust share buyback program and expected revenue growth, with EBITDA projected to rise to $460-$470 million.
IRDM's impressive buyback plan and improving sales performance augur well. Though its massive debt and volatile macro backdrop are concerning.
Satcom Direct Brasil and MRS Logistica S.A. implement IRDM's Certus technology to ensure railway operations' efficiency, safety and reliability.
Iridium stock has fallen 37% in 52 weeks, and still trades close to a 52-week low. Iridium announced a stock buyback program last week to scoop up some cheap shares.
IRDM's board of directors approves $500 million for share buybacks, bringing the total value of the program to a staggering $1.5 billion.
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Iridium Communications Inc. IRDM has launched Iridium Certus GMDSS, marking a significant leap in maritime safety, compliance and communication. These terminals redefine cost, efficiency and performance standards in maritime safety and security, becoming vital for any ship's hybrid network system, highlighted IRDM.
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Iridium (IRDM) reported earnings 30 days ago. What's next for the stock?