In today’s briefing:
- IRDM: Valuation Reset, Cash Flow Rising
- WDFC: Price Increase Premium Going Away
IRDM: Valuation Reset, Cash Flow Rising
- IRDM used its third quarter results as means to update investors on where operating EBITDA would end up for 2023 and the continued progress with direct to device
- IRDM reported quarterly results missing our estimates due to a larger than expected decline in equipment revenue.
- The Qualcomm (QCOM) partnership is poised to emerge as the most significant catalyst for 2024
WDFC: Price Increase Premium Going Away
- Previous price increases by WD-40 Company (WDFC) led to the Company reporting a year over year increase in quarterly revenue, but with those prices increases being lapped in fiscal 2024
- WDFC was able to reduce its inventory level in the quarter, but unit volume growth remains elusive. Higher operating expenses are expected to prevent earnings growth in fiscal 2024
- WDFC reported fiscal fourth quarter sales of $140.5 million compared to $141.7 million achieved in fiscal third quarter.
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