What's Going On With Iron Mountain Shares After Q1 Earnings?

Zinger Key Points
  • Iron Mountain reports record Q1 revenue and AFFO, affirms 2024 guidance, and declares a $0.65 quarterly dividend.
  • Despite a slight EPS miss, Q1 shows a 12.2% increase in total revenue, driven by growth in storage rental and service revenue.

Iron Mountain Incorporated IRM reported first-quarter financial results Thursday before the bell, following which the shares started soaring. Here’s a look at the key metrics from the quarter.

Q1 Earnings Details: The company, under the helm of CEO William Meaney, reported first-quarter adjusted earnings per share of 43 cents. Quarterly revenue of $1.477 billion, beating the street view of $1.453 billion.

Total reported revenues increased 12.2% compared to the prior year. This was driven by a 9% increase in storage rental revenue and a 17.2% increase in service revenue.

On a constant currency basis, adjusted EBITDA increased by 12.5% in the first quarter, compared to the first quarter of 2023, driven by the increase in storage rental revenue, ALM improvement and data center commencements.

AFFO was $323.7 million for the first quarter, compared with $295.2 million in the first quarter of 2023, an increase of 9.6% driven by improved Adjusted EBITDA.

Dividend: Iron Mountain declared a quarterly cash dividend of 65 cents per share for the second quarter, which is payable on July 5, 2024, for shareholders of record on June 17, 2024.

Outlook: Iron Mountain affirmed full-year 2024 guidance and sees revenues between $6 billion-$6.15 billion versus the $6.09 billion estimate.

The company expects AFFO per share of $4.39-$4.51.

Price Action: IRM shares are trading down by 1.8% to $76.68 at last check Thursday.

Now Read: Federal Reserve Takes Cautious Stand On Inflation, Powell Signals Preference For Rate Cuts Over Hikes


Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceMarketsMoversGeneralBriefsStories That Matterwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!