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Ongoing developments in next generation launch vehicles, as well as lunar missions, together with the rising interest of the private sector in space exploration, make space explorations stocks potentially lucrative targets for investors. The rivalry between the two global superpowers is growing ever more heated, and both the United States and China are pouring money into space exploration and development, from satellites to moon landing missions.
Iridium (IRDM) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
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Iridium's (IRDM) second-quarter performance gains from strong subscriber growth, solid service revenues and strategic investments.
Iridium Communications, Inc. (NASDAQ:IRDM ) Q2 2024 Earnings Conference Call July 23, 2024 8:30 AM ET Company Participants Kenneth Levy - Vice President of Investor Relations Matthew Desch - Chief Executive Officer Thomas Fitzpatrick - Chief Financial Officer Conference Call Participants Ric Prentiss - Raymond James Simon Flannery - Morgan Stanley Hamed Khorsand - BWS Financial Chris Quilty - Quilty Space Mathieu Robilliard - Barclays Bryce Sandberg - William Blair Operator Good morning and welcome to the Iridium Second Quarter 2024 Earnings Call. All participants will be in listen-only mode.
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.