The board of directors of Iridium Communications (Nasdaq: IRDM) has approved a plan to buy back another $500 million in shares through the end of December 2027 as part of a push to maximize return on investment.
The satellite communications company said Thursday the plan marks its fourth and largest stock buyback authorization and increases the total value of Iridium’s repurchase program to $1.5 billion.
The McLean, Virginia-based company started its share repurchase program in February 2021 with an authorization of $300 million, followed by another stock buyback plan worth $300 million in March 2022 and the third authorization valued at $400 million in July 2023.
“With the completion of the Iridium NEXT program, Iridium began generating meaningful free cash flow and committed to implementing shareholder-friendly activities,” said Iridium CEO Matt Desch.
“In the last few years, we have already returned over a billion dollars through share repurchases and dividends, and this authorization continues the trend, making us one of the most shareholder-friendly companies, not just in Space, but throughout the tech and telecom industries as well,” added Desch, a 2024 Wash100 awardee.
