Forget SpaceX; Iridium Communications Is Already Delivering Next-Gen Satellite Internet
Iridium Communications (NASDAQ: IRDM) put the final touches on its next-generation satellite constellation early in 2019, and the stock has been off to the races ever since. Shares are up 38% year to date as of this writing, and the company's latest quarterly report revealed that positive business momentum continued through the halfway point of the year. With management reaffirming its upbeat outlook, there's plenty of room for this space investment to keep its run going for the foreseeable future -- even as much larger companies formulate space-based internet plans of their own.
With revenues up 17% and earnings before interest, taxes, depreciation, and amortization (EBITDA) up 14%, 2018 was a fantastic year for Iridium. Business moderated with just a 12% year-over-year advance in Q1 2019, and that trend continued in the second quarter as well with a 6% advance in total sales. The results are nonetheless impressive considering the company is lapping an especially strong outing last year, and many of the new services powered by Iridium's NEXT satellites are still in development.
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