Iridium Communications (NASDAQ:IRDM) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Iridium Communications (NASDAQ:IRDM) issued its quarterly earnings results on Tuesday. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10, Briefing.com reports. The company had revenue of $201.07 million during the quarter, compared to the consensus estimate of $204.01 million. Iridium Communications had a net margin of 11.08% and a return on equity of 9.94%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.24) EPS.

Iridium Communications Price Performance

IRDM stock traded up $1.34 during midday trading on Thursday, reaching $27.80. 2,471,389 shares of the stock were exchanged, compared to its average volume of 1,094,033. The company has a fifty day moving average price of $27.55 and a 200 day moving average price of $29.54. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $54.42. The stock has a market capitalization of $3.38 billion, a PE ratio of 126.00 and a beta of 0.65. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52.

Iridium Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.01%. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, June 14th. Iridium Communications’s dividend payout ratio is presently 266.67%.

Analyst Ratings Changes

IRDM has been the subject of several recent analyst reports. BWS Financial restated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research note on Wednesday. Barclays upped their price objective on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $45.00.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.