Iridium's (IRDM) IoT Services Boost XCMG's Heavy Machinery
Iridium Communications IRDM announced a partnership with Xuzhou Construction Machinery Group (“XCMG”) to integrate Iridium’s IoT services into its global fleet of heavy machinery.
XCMG will be initially focusing on excavators and later extending to loaders and crane trucks. By leveraging Iridium's extensive global network, XCMG aims to maintain crucial connectivity for its heavy equipment across strategic locations such as Australia, Southeast Asia, Latin America, Africa, and Central Asia.
XCMG has opted for Iridium Edge, which complements its existing terrestrial-based solutions, ensuring a highly dependable connectivity experience on a global scale. The adoption of Iridium IoT services through these terminals allows XCMG to quickly deploy them across their heavy machinery, enabling real-time monitoring of asset conditions and performance. This, in turn, streamlines customer support, reduces development costs and accelerates time-to-market for XCMG's offerings.
Iridium Communications Inc Price and Consensus
Iridium Communications Inc price-consensus-chart | Iridium Communications Inc Quote
Iridium is the only satellite communications company that offers dedicated commercial global voice and data communications. The company continues to invest heavily in research and development to launch advanced satellite communications services.
In July, Iridium unveiled its latest offering — the Iridium Certus aviation commercial service. This service ensures a secure cockpit domain with reliable voice and data capabilities. This marks a significant achievement as it brings Iridium Connected aviation solutions to commercial transport aircraft, business aviation and Uncrewed Aircraft Systems.
Prior to that, the company announced that it would integrate its Edge Solar with Laird Connectivity's Sentrius BT610 I/O and BT510+ IoT sensors. The integration will allow Laird’s low-powered sensors to connect with Iridium Edge Solar over Bluetooth Low Energy. As a result, it will help both companies to develop new features and capabilities for wireless and resilient remote operations.
Iridium currently has a Zacks Rank #3 (Hold). Shares of the company have gained 10.4% in the past year compared with the sub-industry’s growth of 9.2%.
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Some better-ranked stocks in the broader technology space are Woodward WWD, Aspen Technology AZPN and Badger Meter BMI. Woodward and Aspen Technology presently sport a Zacks Rank #1 (Strong Buy), whereas Badger Meter currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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The Zacks Consensus Estimate for Aspen Technology’s fiscal 2024 EPS has increased 5.8% in the past 60 days to $6.58.
Aspen Technology’s long-term earnings growth rate is 17.1%. Shares of AZPN have declined 12.6% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has increased 6.3% in the past 60 days to $2.86.
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