Iridium Communications (IRDM, Financial) reported a significant 205.20% rise in net profit for the second quarter of its 2024 fiscal year, reaching $32.34 million. The company's operating revenue saw a 4.15% increase, amounting to $201 million, with basic earnings per share at $0.27.
On its balance sheet, Iridium Communications' total liabilities were reported at $1.931 billion, with short-term debt standing at $16.25 million. The company maintains a debt-to-equity ratio of 1.41 and a current ratio of 2.24, indicating strong liquidity.
Analysts have set target prices for Iridium Communications, with an average goal of $40.00 per share. The range varies from a low of $30.00 to a high of $50.00, based on evaluations from five financial institutions as of October 18, 2024.
Iridium Communications provides voice and data communication services globally through a constellation of low-earth orbit satellites. Its comprehensive solutions are tailored for industries such as maritime, aviation, government, emergency services, mining, forestry, oil and gas, and utilities. The company also supports subscribers from the U.S. Department of Defense and other international civil and governmental bodies, focusing on satellite communication services and products.
