Iron Mountain Beats On Q1 Earnings, Declares Q2 Dividend, Raises FY21 Guidance

Iron Mountain Inc IRM reported first-quarter FY21 revenue growth of 1% year-on-year to $1.08 billion, narrowly beating the analyst consensus of $1.07 billion.
Storage Rental revenue rose 4% Y/Y to $708 million, while Service revenue declined 3% Y/Y to $374 million.
Adjusted EBITDA rose 4% Y/Y to $381 million, with margins expanding 100 basis points to 35.2%.
Adjusted EPS was $0.32, beating analyst consensus of $0.25. AFFO per share rose 2% Y/Y to $0.81.
The company held $138.9 million in cash and equivalents. It declared a quarterly cash dividend of $0.6185 per share for Q2.
Guidance: FY21 revenue outlook was raised from the previous range of $4.325 billion - $4.475 billion to $4.365 billion - $4.515 billion, above the analyst consensus of $4.36 billion.
Adjusted EBITDA guidance was raised from the previous $1.575 billion - $1.625 billion to $1.585 billion - $1.635 billion. AFFO per share outlook was raised from the previous $3.25 - $3.42 to $3.28 - $3.45.
The company accomplished a record level of quarterly revenue, grew Adjusted EBITDA by 2%, and expanded margin by 100 basis points partly by the Project Summit and revenue management flow despite the pandemic’s impact on service revenue, CEO William L. Meaney said.
Price action: IRM shares traded higher by 2.43% at $39.67 in the premarket session on the last check Thursday.

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