Iridium’s first-quarter results surpass expectations

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.

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