The company reported earnings of 19 cents a share, which edged the Capital IQ consensus estimate 18 cents a share by a penny. Revenue rose 9.9% year over year to $98 million, which beat the consensus estimate of $94.27 million.
Iridium also confirmed its full-year 2014 guidance for total service revenue growth in the range of 2% to 4% and OEBITDA in the range of $205 million to $215 million. OEBITDA was $201.1 million. The company also restated its long-range guidance with compound annual service revenue growth in the range of 8% to 12%.
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The stock was up 13.79% to $7.59 at 3:06 p.m.
Separately, TheStreet Ratings team rates IRIDIUM COMMUNICATIONS INC as a "buy" with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate IRIDIUM COMMUNICATIONS INC (IRDM) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."