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- Iridium Communications Inc IRDM reported second-quarter FY21 revenue growth of 7% year-on-year to $149.9 million, beating the analyst consensus of $148.53 million.
- Service revenue rose 7% Y/Y to $121.3 million. Revenue from equipment sales and engineering and support projects was $28.6 million.
- Commercial service revenue was $95.6 million, up 8% Y/Y.
- Commercial broadband revenue was up 25% Y/Y to $10.6 million.
- Hosted payload and other data service revenue were $14.4 million.
- Government service revenue was $25.8 million.
- Strong service revenue primarily contributed to an OEBITDA margin expansion of around 240 basis points to 63.2%.
- Total billable subscribers rose 19% Y/Y to 1.6 million, driving growth across every service category.
- The EPS of $0.03 beat the analyst consensus for loss per share of $(0.06).
- It held $219.4 million in cash and equivalents.
- The company repurchased shares worth $63.2 million during the quarter.
- Iridium delivered strong revenue growth in Q2, driven by rebounds in IoT and commercial voice and data, and continued strength in broadband, CEO Matt Desch stated.
- Outlook: It sees an OEBITDA of $365 million to $375 million.
- It also raised its FY21 outlook for service revenue growth to 4% to 5%, versus prior outlook of 3% growth.
- Price action: IRDM shares traded higher by 3.17% at $38.75 in the premarket session on the last check Tuesday.
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