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Iridium (IRDM) Satcom Adopted by Japan-Based Sumitomo
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Iridium Communications (IRDM - Free Report) satellite communications or satcom are being leveraged by Sumitomo Construction Machinery Co Ltd for its Link-Belt Excavators or LBX.
Japan-based Sumitomo Construction specializes in the development and manufacturing of construction machinery. Sumitomo’s Link-Belt RemoteCARE management tool integrates GPS technology with telematics data to enable remote monitoring of machine performance, added Iridium.
By implementing Iridium satcom with LBX, Sumitomo will gain global real-time connectivity. The company will also have a strong two-way communication for important machinery data like location tracking, periodic maintenance reports and 24-hour security and geofencing capabilities.
Sumitomo also implemented Iridium’s Short Burst Data (“SBD”) service to its RemoteCARE service platform in North America. The company eventually plans to implement SBD across its global operations.
Headquartered in McLean, VA, Iridium is the only satellite communications company that offers dedicated commercial global voice and data communications.
Iridium’s performance is gaining from expanding subscriber base driven by the demand for consumer-oriented devices. The company expects commercial service revenues to benefit from growth in IoT, ongoing activations and solid uptake of the company’s broadband services. It delivers cost-effective broadband services through its Certus technology and shares strategic relationships with government organizations. Iridium’s mobile and satellite network leverages the interlinked mesh architecture of 66 satellites to provide services across territories.
In the last reported quarter, the company’s delivered revenues of $155.9 million, up 6.4% from the year-ago quarter’s levels. Strength in subscriber equipment sales and higher service revenues were the driving factors.
Total service revenues rose 8.5% to $126.7 million from $116.9 million in the year-ago quarter. The upside can be attributed to strong revenues from a growing subscriber base. Service revenues contributed 81% to total revenues in the fourth quarter. Solid performance in broadband, commercial voice and data and IoT played a contributing role as well.
In the last reported quarter, Iridium commercial IoT subscribers rose 24% from the year-ago period’s levels to 1,193,000 customers.
The Zacks Consensus Estimate for Broadcom’s fiscal 2022 earnings is pegged at $35.49 per share. The long-term earnings growth rate of AVGO is pegged at 14.5%.
Broadcom’s earnings beat the Zacks Consensus Estimate in all the preceding four quarters, the average being 1.9%. Shares of AVGO have increased 30.8% in the past year.
The Zacks Consensus Estimate for Apple’s fiscal 2022 earnings is pegged at $6.16 per share. The long-term earnings growth rate is pegged at 12.5%.
Apple’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average being 20.3%. Shares of AAPL have rallied 32.4% in the past year.
The Zacks Consensus Estimate for Texas Instruments’ 2022 earnings is pegged at $9.09 per share. The long-term earnings growth rate is 9.3%.
Texas Instruments’ earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average being 12.4%. Shares of TXN are up 1.1% in the past year.
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Iridium (IRDM) Satcom Adopted by Japan-Based Sumitomo
Iridium Communications (IRDM - Free Report) satellite communications or satcom are being leveraged by Sumitomo Construction Machinery Co Ltd for its Link-Belt Excavators or LBX.
Japan-based Sumitomo Construction specializes in the development and manufacturing of construction machinery. Sumitomo’s Link-Belt RemoteCARE management tool integrates GPS technology with telematics data to enable remote monitoring of machine performance, added Iridium.
By implementing Iridium satcom with LBX, Sumitomo will gain global real-time connectivity. The company will also have a strong two-way communication for important machinery data like location tracking, periodic maintenance reports and 24-hour security and geofencing capabilities.
Sumitomo also implemented Iridium’s Short Burst Data (“SBD”) service to its RemoteCARE service platform in North America. The company eventually plans to implement SBD across its global operations.
Iridium Communications Inc Price and Consensus
Iridium Communications Inc price-consensus-chart | Iridium Communications Inc Quote
Bright Prospects for Iridium
Headquartered in McLean, VA, Iridium is the only satellite communications company that offers dedicated commercial global voice and data communications.
Iridium’s performance is gaining from expanding subscriber base driven by the demand for consumer-oriented devices. The company expects commercial service revenues to benefit from growth in IoT, ongoing activations and solid uptake of the company’s broadband services. It delivers cost-effective broadband services through its Certus technology and shares strategic relationships with government organizations. Iridium’s mobile and satellite network leverages the interlinked mesh architecture of 66 satellites to provide services across territories.
In the last reported quarter, the company’s delivered revenues of $155.9 million, up 6.4% from the year-ago quarter’s levels. Strength in subscriber equipment sales and higher service revenues were the driving factors.
Total service revenues rose 8.5% to $126.7 million from $116.9 million in the year-ago quarter. The upside can be attributed to strong revenues from a growing subscriber base. Service revenues contributed 81% to total revenues in the fourth quarter. Solid performance in broadband, commercial voice and data and IoT played a contributing role as well.
In the last reported quarter, Iridium commercial IoT subscribers rose 24% from the year-ago period’s levels to 1,193,000 customers.
Zacks Rank & Other Key Picks
Iridium currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks worth considering from the broader technology sector are Broadcom (AVGO - Free Report) , Apple (AAPL - Free Report) and Texas Instruments (TXN - Free Report) . Apple and Texas Instruments sports a Zacks Rank #1 (Strong Buy), while Broadcom carries a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Broadcom’s fiscal 2022 earnings is pegged at $35.49 per share. The long-term earnings growth rate of AVGO is pegged at 14.5%.
Broadcom’s earnings beat the Zacks Consensus Estimate in all the preceding four quarters, the average being 1.9%. Shares of AVGO have increased 30.8% in the past year.
The Zacks Consensus Estimate for Apple’s fiscal 2022 earnings is pegged at $6.16 per share. The long-term earnings growth rate is pegged at 12.5%.
Apple’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average being 20.3%. Shares of AAPL have rallied 32.4% in the past year.
The Zacks Consensus Estimate for Texas Instruments’ 2022 earnings is pegged at $9.09 per share. The long-term earnings growth rate is 9.3%.
Texas Instruments’ earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average being 12.4%. Shares of TXN are up 1.1% in the past year.