Published on 16 Feb 2024 on Zacks via Yahoo Finance
Iridium (IRDM) Q4 Earnings & Revenues Beat Estimates, Up Y/Y
Iridium Communications IRDM reported earnings per share (EPS) of 30 cents for fourth-quarter 2023, which beat the Zacks Consensus Estimate of earnings of 3 cents. The company reported a loss of 1 cent in the prior-year quarter.
Management noted that earnings benefited due to an increase in tax benefits and continued growth in total commercial services. Additionally, the company's expected satellite useful lifetimes have changed, which has resulted in a year-over-year decrease in depreciation expense.
Quarterly revenues were $194.7 million, up 0.5% from the year-ago levels. The upside can be attributed to momentum in commercial business lines and strength in the Engineering and Support segment’s sales. Also, the top line surpassed the Zacks Consensus Estimate by 0.8%.