Specialized REIT firm Iron Mountain Inc (NYSE: IRM) reported fourth-quarter fiscal 2023 revenue growth of 11% year-on-year to $1.42 billion, missing the consensus estimate of $1.45 billion.
Storage rental revenue grew 13% Y/Y to $871 million. Service revenue rose 8% Y/Y to $549 million.
The adjusted EBITDA margin expanded by 60 bps to 35.1%.
Adjusted EPS was $0.52. Adjusted FFO per share improved by 9% Y/Y to $1.07, beating the consensus of $0.81.
Iron Mountain held $222.8 million in cash and equivalents as of December 31, 2023.
Dividend: The board declared a quarterly cash dividend of $0.65 per share.
CEO William L. Meaney said, “Our Project Matterhorn initiative is propelling us on our growth journey, and our team’s unwavering customer-first mindset continues to flourish as we grow our portfolio of products to meet our customers’ needs. We are also pleased to confirm that our acquisition of Regency Technologies closed in early January; this acquisition continues to build on our leadership in Asset Lifecycle Management.”
FY24 Outlook: Iron Mountain projected revenue of $6.00 billion – $6.15 billion versus the consensus of $6.09 billion.
It also expects adjusted FFO per share of $4.39 – $4.51.
IRM Price Action: IRM shares traded higher by 5.08% at $72.01 on the last check Thursday.
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