Iridium Communications Inc. (NASDAQ:IRDM) Expected to Post Quarterly Sales of $146.81 Million


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Wall Street analysts expect Iridium Communications Inc. (NASDAQ:IRDM) to announce sales of $146.81 million for the current quarter, Zacks reports. Three analysts have issued estimates for Iridium Communications’ earnings, with the highest sales estimate coming in at $147.36 million and the lowest estimate coming in at $146.23 million. Iridium Communications reported sales of $145.29 million during the same quarter last year, which would suggest a positive year over year growth rate of 1%. The company is expected to announce its next earnings results before the market opens on Tuesday, April 20th.

According to Zacks, analysts expect that Iridium Communications will report full-year sales of $602.87 million for the current financial year, with estimates ranging from $598.34 million to $606.41 million. For the next financial year, analysts expect that the business will report sales of $639.61 million, with estimates ranging from $627.85 million to $651.38 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Iridium Communications.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Wednesday, February 10th. The technology company reported ($0.06) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.02. Iridium Communications had a negative net margin of 27.09% and a negative return on equity of 3.09%. The firm had revenue of $146.51 million during the quarter, compared to analysts’ expectations of $139.43 million. During the same period in the previous year, the business posted ($0.82) earnings per share.

A number of equities research analysts have recently issued reports on the stock. Barclays cut shares of Iridium Communications from an “overweight” rating to an “underweight” rating and boosted their target price for the company from $32.00 to $38.00 in a research report on Friday, February 12th. Raymond James raised shares of Iridium Communications from a “market perform” rating to an “outperform” rating and set a $44.00 target price for the company in a research report on Tuesday, March 9th. Sidoti cut shares of Iridium Communications from a “buy” rating to a “neutral” rating in a research report on Friday, December 11th. Finally, BWS Financial cut shares of Iridium Communications from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $36.50.

IRDM stock traded up $1.29 during midday trading on Monday, reaching $41.36. 49,610 shares of the company were exchanged, compared to its average volume of 1,665,071. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.85 and a quick ratio of 2.52. The business has a 50-day moving average price of $40.53 and a two-hundred day moving average price of $37.00. Iridium Communications has a one year low of $19.18 and a one year high of $54.65. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of -33.96 and a beta of 1.33.

Iridium Communications declared that its board has approved a share buyback plan on Wednesday, February 10th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 4.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other Iridium Communications news, CEO Matthew J. Desch sold 62,087 shares of the business’s stock in a transaction dated Thursday, February 18th. The stock was sold at an average price of $48.32, for a total transaction of $3,000,043.84. Also, Director Barry West sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 18th. The stock was sold at an average price of $40.50, for a total value of $405,000.00. Following the transaction, the director now directly owns 42,861 shares of the company’s stock, valued at approximately $1,735,870.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 388,114 shares of company stock valued at $17,993,835. 3.80% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of IRDM. Parkside Financial Bank & Trust raised its stake in Iridium Communications by 28.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 965 shares of the technology company’s stock worth $38,000 after acquiring an additional 211 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in Iridium Communications during the fourth quarter worth about $39,000. Albion Financial Group UT acquired a new position in Iridium Communications during the fourth quarter worth about $39,000. Archer Investment Corp acquired a new position in Iridium Communications during the fourth quarter worth about $40,000. Finally, Vantage Consulting Group Inc acquired a new position in Iridium Communications during the fourth quarter worth about $47,000. 81.62% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and product to businesses, the United States and foreign 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.

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