Iridium Communications Inc (NASDAQ:IRDM) Expected to Announce Quarterly Sales of $114.41 Million
Equities analysts expect Iridium Communications Inc (NASDAQ:IRDM) to report sales of $114.41 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Iridium Communications’ earnings, with estimates ranging from $113.27 million to $116.46 million. Iridium Communications reported sales of $112.79 million in the same quarter last year, which would suggest a positive year over year growth rate of 1.4%. The company is expected to issue its next earnings report on Thursday, October 26th.
On average, analysts expect that Iridium Communications will report full-year sales of $114.41 million for the current fiscal year, with estimates ranging from $436.90 million to $447.49 million. For the next financial year, analysts forecast that the firm will report sales of $478.94 million per share, with estimates ranging from $457.20 million to $493.71 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Iridium Communications.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The company had revenue of $111.60 million during the quarter, compared to the consensus estimate of $109.18 million. During the same period in the prior year, the company earned $0.22 EPS. Iridium Communications’s revenue was up 2.2% on a year-over-year basis.
IRDM has been the topic of several recent research reports. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Monday, July 31st. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Iridium Communications presently has a consensus rating of “Buy” and a consensus price target of $12.00.
A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Iridium Communications by 67,429.0% in the first quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock worth $122,024,000 after buying an additional 12,626,087 shares during the period. Vanguard Group Inc. boosted its position in shares of Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after buying an additional 457,168 shares during the period. Van Berkom & Associates Inc. boosted its position in shares of Iridium Communications by 5.6% in the second quarter. Van Berkom & Associates Inc. now owns 5,302,671 shares of the technology company’s stock worth $58,595,000 after buying an additional 282,084 shares during the period. Silver Heights Capital Management Inc. boosted its position in shares of Iridium Communications by 2.3% in the first quarter. Silver Heights Capital Management Inc. now owns 3,467,550 shares of the technology company’s stock worth $33,462,000 after buying an additional 78,800 shares during the period. Finally, Pinnacle Associates Ltd. boosted its position in shares of Iridium Communications by 22.5% in the first quarter. Pinnacle Associates Ltd. now owns 2,713,968 shares of the technology company’s stock worth $26,190,000 after buying an additional 498,165 shares during the period.
Iridium Communications (IRDM) traded up 1.98% during mid-day trading on Tuesday, reaching $10.30. The company’s stock had a trading volume of 960,285 shares. Iridium Communications has a 12 month low of $6.80 and a 12 month high of $11.57. The stock’s 50 day moving average is $10.87 and its 200 day moving average is $10.06. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 11.02 and a beta of 1.69.
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About Iridium Communications
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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