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Iridium (IRDM) Reports Q1 Earnings: What Key Metrics Have to Say
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For the quarter ended March 2024, Iridium Communications (IRDM - Free Report) reported revenue of $203.85 million, down 0.7% over the same period last year. EPS came in at $0.16, compared to $0.08 in the year-ago quarter.
The reported revenue represents a surprise of +3.58% over the Zacks Consensus Estimate of $196.81 million. With the consensus EPS estimate being $0.16, the company has not delivered EPS surprise.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Iridium performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
ARPU - Commercial - Voice and data: $45 versus $45.23 estimated by three analysts on average.
ARPU - Commercial - IoT data: $7.57 versus $7.02 estimated by three analysts on average.
ARPU - Commercial - Broadband: $274 compared to the $273.08 average estimate based on three analysts.
Total Net billable Subscriber Additions: 54 thousand versus 56.44 thousand estimated by three analysts on average.
Revenue- Subscriber equipment: $24.87 million versus the five-analyst average estimate of $23.90 million. The reported number represents a year-over-year change of -40.3%.
Revenue- Service: $148.58 million compared to the $147.12 million average estimate based on five analysts. The reported number represents a change of +6.6% year over year.
Revenue- Engineering and support service: $30.41 million versus $27.01 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +25.4% change.
Service Revenue- Commercial: $122.08 million compared to the $120.13 million average estimate based on four analysts. The reported number represents a change of +8.2% year over year.
Service Revenue- Government: $26.50 million versus $26.47 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a 0% change.
Service revenue- Commercial service revenue- Hosted payload and other data service: $13.95 million versus $14.38 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -7% change.
Revenue- Engineering and support service- Government: $29.26 million versus the two-analyst average estimate of $19.75 million.
Revenue- Engineering and support service- Commercial: $1.15 million versus the two-analyst average estimate of $5.70 million.
Shares of Iridium have returned -6.3% over the past month versus the Zacks S&P 500 composite's -1.7% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
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Iridium (IRDM) Reports Q1 Earnings: What Key Metrics Have to Say
For the quarter ended March 2024, Iridium Communications (IRDM - Free Report) reported revenue of $203.85 million, down 0.7% over the same period last year. EPS came in at $0.16, compared to $0.08 in the year-ago quarter.
The reported revenue represents a surprise of +3.58% over the Zacks Consensus Estimate of $196.81 million. With the consensus EPS estimate being $0.16, the company has not delivered EPS surprise.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Iridium performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- ARPU - Commercial - Voice and data: $45 versus $45.23 estimated by three analysts on average.
- ARPU - Commercial - IoT data: $7.57 versus $7.02 estimated by three analysts on average.
- ARPU - Commercial - Broadband: $274 compared to the $273.08 average estimate based on three analysts.
- Total Net billable Subscriber Additions: 54 thousand versus 56.44 thousand estimated by three analysts on average.
- Revenue- Subscriber equipment: $24.87 million versus the five-analyst average estimate of $23.90 million. The reported number represents a year-over-year change of -40.3%.
- Revenue- Service: $148.58 million compared to the $147.12 million average estimate based on five analysts. The reported number represents a change of +6.6% year over year.
- Revenue- Engineering and support service: $30.41 million versus $27.01 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +25.4% change.
- Service Revenue- Commercial: $122.08 million compared to the $120.13 million average estimate based on four analysts. The reported number represents a change of +8.2% year over year.
- Service Revenue- Government: $26.50 million versus $26.47 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a 0% change.
- Service revenue- Commercial service revenue- Hosted payload and other data service: $13.95 million versus $14.38 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -7% change.
- Revenue- Engineering and support service- Government: $29.26 million versus the two-analyst average estimate of $19.75 million.
- Revenue- Engineering and support service- Commercial: $1.15 million versus the two-analyst average estimate of $5.70 million.
View all Key Company Metrics for Iridium here>>>Shares of Iridium have returned -6.3% over the past month versus the Zacks S&P 500 composite's -1.7% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.