Iridium Q4 net income $38M; extends satellite life; raises dividend, guides 2024 OEBITDA $460-470M

Iridium Communications Inc.

2024-FY EPS reported $0.12 revenue$790,723,000

Q4 net income $38.0M ($0.30 diluted EPS) vs net loss $0.8M prior year; OEBITDA $114.1M up 7% YoY.
Full-year 2023 revenue record $790.7M up 10%; OEBITDA $463.1M up 9%; net income $15.4M vs $8.7M.
Satellites' useful life extended by 5 years to 17.5 years, reducing depreciation and supporting capex holiday.
Board declared Q1 dividend $0.13/share; plans to raise to $0.14/share in Q2 2024, a 5.8% increase.
2024 guidance: service revenue growth 4-6%, OEBITDA $460-470M; cash taxes <$10M through 2026.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Iridium Communications Inc. reported fourth quarter and fiscal year ended December 31, 2023 results: revenue total revenue of $194.7 million (Q4), record total revenue in 2023 of $790.7 million, net income $38.0 million (Q4), $15.4 million (full year 2023), EPS $0.30 per diluted share (Q4), $0.12 per diluted share (full year 2023). Guidance initiated.

Period: fourth quarter and fiscal year ended December 31, 2023
Revenue: total revenue of $194.7 million (Q4), record total revenue in 2023 of $790.7 million
Net income: $38.0 million (Q4), $15.4 million (full year 2023)
EPS: $0.30 per diluted share (Q4), $0.12 per diluted share (full year 2023)
Guidance: initiated
Result: reported results

Exact text from the filing

Net income was $38.0 million, or $0.30 per diluted share, for the fourth quarter of 2023, as compared to net loss of $0.8 million, or $0.01 per diluted share, for the fourth quarter of 2022.

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Source: SEC EDGAR

accession 0001418819-24-000006

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