Iridium Communications Inc (IRDM) Releases Earnings Results, Beats Expectations By $0.02 EPS

Iridium Communications Inc (IRDM) reported quarterly earnings results on Thursday, Apr-28-2016. The company said it had a profit of $0.23 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.02. Analysts had a consensus of $0.21. The company posted revenue of $104.20 million in the period, compared to analysts expectations of $104.04 million. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS.

Iridium Communications Inc opened for trading at $8.07 and hit $8.24 on the upside on Wednesday, eventually ending the session at $8.11, with a gain of 1.00% or 0.08 points. The heightened volatility saw the trading volume jump to 8,44,589 shares. Company has a market cap of $772 M.

In a different news, on Mar 2, 2016, Thomas C Canfield (director) purchased 5,000 shares at $6.95 per share price. According to the SEC, on Aug 6, 2015, Matthew J Desch (CEO) purchased 14,000 shares at $7.16 per share price.

Iridium Communications Inc. is a satellite communications company that offers global voice and data communications coverage. The Company provides voice and data communications services to businesses the United States and foreign governments non-governmental organizations and consumers via its constellation of 66 in-orbit satellites in-orbit spares and related ground infrastructure. The Company’s principal services include mobile satellite services including mobile voice and data services machine to machine (M2M) services and data. Its commercial services include postpaid mobile voice and data satellite communications services; prepaid mobile voice satellite communications services; broadband data services machine-to-machine services and other services. The Company’s commercial end user base includes markets such as emergency services maritime aviation government utilities oil and gas mining recreation forestry heavy equipment construction and transportation.

Iridium Communications Inc

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