MCLEAN, Va. — In a story Thursday about Iridium Communications Inc.’s quarterly results — generated by Automated Insights using data from Zacks Investment Research — The Associated Press erroneously that the company’s adjusted loss totaled 13 cents per share. Iridium posted an adjusted profit of 8 cents per share.
A corrected version of the story is below:
Iridium misses 4Q profit forecasts
Iridium Communications misses 4Q net income expectations, tops revenue forecasts
MCLEAN, Va. — Iridium Communications Inc. (IRDM) on Thursday reported fourth-quarter profit of $141.9 million.
The McLean, Virginia-based company said it had profit of $1.10 per share. Earnings, adjusted for one-time items, came to 8 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The satellite phone company posted revenue of $115.5 million in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $112 million.
For the year, the company reported profit of $233.9 million, or $1.82 per share. Revenue was reported as $448 million.
Iridium shares have increased 8.5 percent since the beginning of the year. The stock has climbed 37 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IRDM at https://www.zacks.com/ap/IRDM