Satellite communications provider will be reporting earnings tomorrow before market open. Here’s what to look for.
Iridium beat analysts’ revenue expectations by 4.3% last quarter, reporting revenues of $213 million, up 9.4% year on year. It was a stunning quarter for the company, with an impressive beat of analysts’ EPS estimates. It reported 1.89 million commercial subscribers, up 10.4% year on year.
Is Iridium a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Iridium’s revenue to grow 4.7% year on year to $213.4 million, improving from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $0.28 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Iridium has missed Wall Street’s revenue estimates three times over the last two years.
With Iridium being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for telecommunication services stocks. However, the whole sector has been hit hard over the last month as stocks in Iridium’s peer group are down 11.3% on average. Iridium is down 16.5% during the same time and is heading into earnings with an average analyst price target of $39.71 (compared to the current share price of $24.95).
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