Iridium Communications (IRDM) Misses Q3 EPS by 4c; updates guidance

Iridium Communications (NASDAQ: IRDM) reported Q3 EPS of ($0.01), $0.04 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $197.6 million versus the consensus estimate of $200.09 million.

Outlook

The Company updated its full-year 2023 outlook:

Total service revenue growth of approximately 10% for full-year 2023. Total service revenue for 2022 was $534.7 million.
Full-year 2023 OEBITDA of between $460 million and $465 million. OEBITDA for 2022 was $424.0 million.
Negligible cash taxes in 2023. Cash taxes are expected to be negligible through 2024.
Net leverage of approximately 3.0 times OEBITDA at the end of 2023, assuming the payment of four quarters of dividends and completion of expected share repurchases. Net leverage was 3.2 times OEBITDA at December 31, 2022.

For earnings history and earnings-related data on Iridium Communications (IRDM) click here.

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