Iridium reports Q3 EPS 21c, consensus 20c

Reports Q3 revenue $212.8M, consensus $206.18M. The company ended the quarter with 2,482,000 total billable subscribers, which compares to 2,236,000 for the year-ago period and is up from 2,413,000 for the quarter ended June 30, 2024. Total billable subscribers grew 11% year-over-year, led by growth in commercial IoT. “Robust revenue and subscriber growth in the third quarter continued to support Iridium’s shareholder-friendly activities and ongoing capital returns. Since 2021, Iridium has returned over $1 billion to common shareholders through stock repurchase and dividend activities,” said Matt Desch, CEO, Iridium. Desch added, “Most recently, our Board of Directors further expanded our buyback program by authorizing the repurchase of an additional $500 million of Iridium common stock through December 31, 2027.”