MCLEAN, Va. — Iridium Communications on Tuesday reported first-quarter net income of $2.8 million, after reporting a loss in the same period a year earlier.
The McLean, Virginia-based company said it had net income of 2 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 1 cent per share.
The satellite phone company posted revenue of $168.2 million in the period, which also beat Wall Street forecasts. Four analysts surveyed by Zacks expected $156.3 million.