Iron Mountain Inc. Reports Q3 Earnings and Revenue Growth

Iron Mountain Inc. has announced its financial results for Q3, highlighting adjusted earnings and revenue expectations at the high end of its 2024 guidance. Despite a net loss this quarter, the company showed revenue growth, bolstering investor confidence.

Date: 06-11-2024

AI Rating: 6

Iron Mountain Inc. (IRM) reported its financial results for the third quarter, and there are several key points that may influence stock prices.

The company expects adjusted earnings and revenues to be at the high end of the prior full-year 2024 guidance range. Specifically, it projects adjusted funds from operations (AFFO) between $4.39 and $4.51 per share, along with total revenues ranging from $6.00 billion to $6.15 billion. These projections signal a potentially optimistic outlook.

In contrast, the company reported a net loss of $34 million or $0.11 per share for the third quarter, which is a stark contrast to a net income of $91 million or $0.31 per share in the same quarter last year. This substantial loss could raise concerns among investors about the company's current profitability.

However, excluding items, the adjusted earnings for the quarter were $0.44 per share, slightly down from $0.45 per share a year ago. Notably, the normalized funds from operations (FFO) increased to $0.79 per share from $0.76 last year, demonstrating some operational improvement.

Furthermore, the total revenue for the quarter grew 12.2 percent to $1.56 billion from $1.39 billion in the same quarter last year, an encouraging sign of growth. The revenue increase was reported at 12.5 percent in constant currency, which indicates solid performance despite inflationary pressures.

Lastly, Iron Mountain's board declared a quarterly cash dividend of $0.715 per share, reinforcing its commitment to returning value to shareholders and suggesting confidence in future cash flows.

Stocks: IRM