Iridium Communications reported a big earnings beat this morning. Sales growth wasn't great, but any growth when competing with SpaceX in space is pretty impressive.
The headline numbers for Iridium (IRDM) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Iridium Communications (IRDM) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to loss of $0.24 per share a year ago.
Iridium's (IRDM) second-quarter performance is likely to have benefited from the momentum in commercial service revenues and an increasing subscriber base.
Iridium Communications Has Come Back Down To Earth
Iridium (IRDM) secures a five-year contract from Space Systems Command valued at roughly $94 million with a potential total value of $103 million.
SpaceX may be grabbing the headlines with its groundbreaking launches and ambitious plans for Mars colonization, but savvy investors know that there are other space stocks to buy that offer significant returns. While Elon Musk's venture has captured the public's imagination, it's not the only player in the rapidly expanding space industry.