Iridium lowers 2013 forecasts again, shares off

|About: Iridium Communications Inc (IRDM)|By:, SA News Editor

Iridium (IRDM -2.7%) now expects 2013 billable subscriber growth and service revenue growth of ~10% and ~6%, below prior forecasts of 10%-15% and 6%-8%. Operational EBITDA is now expected to be in a range of $200M-$205M, down from prior guidance of $210M. (PR)

The satellite services firm is "also evaluating its long-range outlook based on the impact of lower equipment sales, lower subscriber additions and the long-term revenue potential of its recently announced Iridium PRIMESM hosted payload initiative." Details will be provided within Iridium's Oct. 31 Q3 report.

Iridium already lowered its full-year forecasts in tandem with its Q2 report. At the time, the company blamed "product issues" in its maritime business, and lower satellite phone subscriber growth and usage (partly due to stronger low-end competition).