ORBCOMM (ORBC) Misses Q4 EPS by 5c, Revenues Miss

ORBCOMM (NASDAQ: ORBC) reported Q4 EPS of ($0.07), $0.05 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $66.3 million versus the consensus estimate of $76.06 million.

• Q4 2018 Total Revenues of $66.3 Million; $276 Million Full Year, Up 8.6%
• Q4 2018 Recurring Service Revenues of $37.4 Million; $148 Million Full Year, Up 17.2%
• 2018 Year-Over-Year Improvement in Net Loss of 57% and Adjusted EBITDA Growth of 27%
• Added 348,000 Net Subscribers in 2018, Up 17.2% Over 2017
• Company Provides 2019 Outlook

“2018 full year results were highlighted by our double-digit growth in Adjusted EBITDA driven by significant progress in growing our product and service margins, leading to a large positive swing in cash flow,” said Marc Eisenberg, ORBCOMM’s Chief Executive Officer. “Last year we embarked on a number of initiatives to improve our products with innovative technology, while significantly reducing costs. Although these initiatives led to delays in select hardware deployments in the fourth quarter, we have a robust pipeline of opportunities and anticipate making substantial strides in all of our key metrics of revenue, margin and profitability.”

For earnings history and earnings-related data on ORBCOMM (ORBC) click here.

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