Iridium Communications Inc. (IRDM) has reported a 33.06 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $37.95 million, or $0.30 a share in the quarter, compared with $28.52 million, or $0.23 a share for the same period last year. Revenue during the quarter went up marginally by 0.21 percent to $104.43 million from $104.20 million in the previous year period. Gross margin for the quarter contracted 61 basis points over the previous year period to 74.08 percent. Total expenses were 46.75 percent of quarterly revenues, down from 58.47 percent for the same period last year. This has led to an improvement of 1171 basis points in operating margin to 53.25 percent.
Operating income for the quarter was $55.60 million, compared with $43.28 million in the previous year period.
"Strong subscriber additions in commercial M2M helped to fuel Iridium's service revenue growth during the first quarter. We expect this strength to continue in 2017 and remain comfortable with our full-year guidance, which we affirmed this morning," said Matt Desch, CEO, Iridium.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
