Iridium Communications (IRDM) Reports In-Line Q1 EPS; offers outlook

Iridium Communications (NASDAQ: IRDM) reported Q1 EPS of $0.16, in-line with the analyst estimate of $0.16. Revenue for the quarter came in at $203.9 million versus the consensus estimate of $194.05 million.

OUTLOOK

2024 Outlook and Longer-Term Outlook

The Company reiterated its full-year 2024 outlook:

Total service revenue growth between 4% and 6% for full-year 2024. Total service revenue for 2023 was $584.5 million.
Full-year 2024 OEBITDA between $460 million and $470 million. OEBITDA for 2023 was $463.1 million.
Cash taxes of less than $10 million per year from 2024 through 2026. We now expect that the longer-term cash tax rate will move closer to the statutory rate in 2028.
Net leverage below 2.5 times OEBITDA as we exit 2026 and falling below 2.0 times OEBITDA by the end of the decade, assuming the completion of the Company's share repurchase authorization and the payment of quarterly dividends. Net leverage was 3.1 times OEBITDA at December 31, 2023.

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

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