Iridium's Certus connectivity selected by Canadian Coast Guard » 08:1408/0408/04/21
Iridium announced that…
Iridium announced that the Canadian Coast Guard has adopted Iridium Certus connectivity with support from Iridium partner MetOcean Telematics. The Coast Guard deployed dozens of Iridium Certus Thales VesseLINK 700 terminals on its vessels, including icebreakers, to contribute to internet connectivity. Iridium Certus connectivity supports the Coast Guard's general safety with access to navigational data and weather reports, which is a large improvement from historical solutions.
Morgan Stanley starts Iridium at Overweight with $50 price target » 07:5008/0308/03/21
As previously reported,…
As previously reported, Morgan Stanley analyst Landon Park initiated coverage of Iridium with an Overweight rating and $50 price target. He sees Iridium doubling service revenue growth to 10% by 2023 powered by "snowballing trends" that include new product launches, substantial share gain opportunities and secular tailwinds in IoT, Park tells investors. Strong growth in free cash flow should allow for almost $2B in share buybacks by 2025, or nearly 40% of the current market cap, added Park.
Iridium initiated with an Overweight at Morgan Stanley » 06:0908/0308/03/21
Morgan Stanley analyst…
Morgan Stanley analyst Landon Park initiated coverage of Iridium with an Overweight rating and $50 price target.
Iridium granted trio of regulatory approvals in Japan » 18:0308/0208/02/21
Iridium Communications announced that Japan's Ministry of Internal Affairs and Communications has approved regulatory amendments necessary to allow for Japanese adoption of Iridium Certus broadband, Iridium Controller-Pilot Data Link Communications and other aeronautical services for aviation and Iridium's Global Maritime Distress and Safety System service. Over the past several years, Iridium has been working on regulatory amendments with the MIC to incorporate these services into the Japanese regulatory framework, while many other Iridium services have long been approved. Following all required processes of the regulatory amendments, Japanese flagged aircraft, ships and other customers can begin use of these Iridium services. The Iridium Certus service for maritime and land mobile industries began in January 2019, however it was previously unavailable in Japan due to ongoing regulatory amendments. The MIC published the amendments in the government Gazette in late 2020, and Iridium partners may now obtain equipment certifications for their Iridium Connected products.
|Over a week ago|
Iridium upgraded to Equal Weight from Underweight at Barclays » 06:5207/2607/26/21
Barclays analyst Mathieu…
Barclays analyst Mathieu Robilliard upgraded Iridium Communications to Equal Weight from Underweight with a price target of $40, up from $35.50. The company reported a "strong set" of Q2 results and the stock has underperformed year-to-date, Robilliard tells investors in a research note. The analyst now sees Iridium's risk/reward as well balanced.
Iridium sees FY21 OEBITDA $365M-$375M » 07:0607/2007/20/21
Sees net leverage of…
Sees net leverage of below 3.5 times OEBITDA at the end of 2022, assuming $300M in share repurchases.
Iridium raises FY21 service revenue growth outlook to 4%-5% from about 3% » 07:0407/2007/20/21
FY21 revenue consensus…
FY21 revenue consensus $602.87M. "Demand for Iridium's services have never been better, as close to 100,000 new users joined our network in the second quarter. This revenue growth, especially in IoT and broadband, is indicative of the power of Iridium's global partner ecosystem who embed us into innovative applications and products," said Matt Desch, CEO, Iridium. Desch continued, "Iridium delivered strong revenue growth in the second quarter, driven by rebounds in IoT and commercial voice and data, and continued strength in broadband." Commenting on its full-year outlook, Desch added, "In light of our strong subscriber growth during the first half of the year, we are raising our full-year outlook for service revenue growth to between 4% and 5%. This upward revision reflects the demand we are seeing across many industries for Iridium(R) solutions and bodes well for continued growth as we move into the future."
Iridium reports Q2 EPS 3c, consensus (6c) » 07:0307/2007/20/21
Reports Q2 revenue…
Reports Q2 revenue $149.9M, consensus $148.53M.
|Over a month ago|
Iridium awarded $30M R&D U.S. Army contract » 08:0306/2406/24/21
Iridium has been awarded…
Iridium has been awarded a research and development contract worth up to $30M by the U.S. Army to develop a payload to be hosted on small satellites that supports navigation systems, guidance and control for the global positioning system and GPS-denied precision systems. The new experimental Iridium payload is intended to be hosted by another Low Earth Orbit commercial satellite constellation, complementing the Iridium constellation's capabilities. The development of this new payload is based on Iridium Burst technology, a service that can transmit data to millions of enabled devices at a time from space.
Iridium names Greg Pelton as new Chief Technical Officer » 08:1006/1406/14/21
Iridium announced that…
Iridium announced that Greg Pelton will join the company as Chief Technical Officer, effective June 17. Reporting to Iridium Chief Operations Officer Suzi McBride, Pelton is taking over for retiring CTO Hermon Pon and will lead Iridium's world-class technology and system engineering teams both internally and with Iridium's vast partner ecosystem. Pelton joins Iridium from Pryon, an AI company focused on augmented intelligence for the enterprise, where he served as Chief Product Officer.