Iridium reports Q2 EPS (24c) with items, consensus 4c

Reports Q2 revenue $193.1M, consensus $198.42M. The net loss was primarily the result of the write-off of Iridium’s remaining ground spare satellite following the successful launch of five of its six ground spare satellites in May. This charge offset the benefits of strong revenue growth in Iridium’s Commercial Service lines and an increase in Engineering and Support revenue. “We had another great quarter of double-digit growth in subscribers and commercial service revenue, which drove record operational EBITDA,” said Matt Desch, CEO, Iridium. Desch added, “Iridium’s strong cash flow continues to support ongoing business investment and the return of capital to our shareholders.”