Iridium reports Q1 EPS 16c, consensus 15c

Reports Q1 revenue $203.9M, consensus $193.75M. “Continued strong service revenue growth fueled Iridium’s business results in the first quarter,” said Matt Desch, CEO, Iridium. Desch added, “Subscriber growth and demand for Iridium’s mission-critical applications are driving new service development and free cash flow.” Commenting on Iridium’s recent acquisition, Desch said, “We’re excited to broaden our opportunities for growth with the closing of the Satelles acquisition in early April. This transaction makes Iridium a leading provider of satellite-based time and location services.” Desch added, “With the prevalence of GPS jamming and location spoofing on the rise, our new Satellite Time and Location service will allow us to protect critical infrastructure and expand resilient time-synchronization for enterprises and governments around the world.”