What happened Shares of Iridium Communications (NASDAQ: IRDM) were up 9% on Tuesday. The satellite communications company -- the first to offer internet and voice service that covers 100% of the globe -- reported better-than-expected second-quarter 2021 earnings and a solid outlook for the remainder of the year. So what Iridium reported a total revenue increase of 7% in the second quarter to $150 million, driven by a 7% increase in services (subscriptions to its global voice and data service) to $121 million. As a result, net income swung positive to $3.8 million, compared to a net loss of $12.3 million for the same period in 2020. Image source: Getty Images. The communications company finished work on its next-gen satellite constellation, Iridium Next, in early 2019 -- having tapped services from SpaceX to get its hardware into low-Earth orbit. With a high rate of expenses now in the rearview mirror and broadband internet service now available for businesses and government organizations, the company is enjoying steady subscriber growth and fast-improving profitability. Its billable subscriber count was 1.62 million at the end of the second quarter, compared to 1.36 million last year. Now what Given the strong showing in the spring, management took the opportunity to raise its 2021 outlook. It's now calling for full-year growth in service revenue of 4% to 5% (previously pegged at about 3%), and operational EBITDA growth of about 3% to 6%. In February, the board of directors approved a $300 million share repurchase plan now that the new satellites are generating positive free cash flow. It expects this $300 million repurchase will be complete by the end of 2022 and will substantially reduce Iridium's operational EBITDA-to-debt leverage. And that's the main metric to keep an eye on here. Though new satellite internet competition (like SpaceX's Starlink) is looming, Iridium is a stable business with subscribers primarily made up of government entities. Total debt was $1.63 billion as of the end of June, but was slightly offset with cash and equivalents of $219 million. With profits on the rise with greater use of Iridium's satellites, this should remain one of the more stable companies in the burgeoning space economy. 10 stocks we like better than Iridium CommunicationsWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Iridium Communications wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Nicholas Rossolillo and his clients own shares of Iridium Communications. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source