Iron Mountain Affirms FY24 Outlook; Slips To Loss In Q3

(RTTNews) - While reporting financial results for the third quarter on Wednesday, Iron Mountain Inc. (IRM) said it expects adjusted earnings and revenues at the high end of the prior full-year 2024 guidance range.

For fiscal 2024, the company now projects adjusted funds from operations or AFFO, in a range of $4.39 to $4.51 per share on total revenues between $6.00 billion and $6.15 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.89 per share on revenues of $6.24 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported a net loss of $34 million or $0.11 per share, compared to net income of $91 million or $0.31 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $0.44 per share, compared to $0.45 per share in the year-ago quarter.

Normalized funds from operations or FFO, was $0.79 per share, compared to $0.76 per share last year. AFFO for the quarter was $1.13 per share, compared to $1.02 per share a year ago.

Total revenue for the quarter grew 12.2 percent to $1.56 billion from $1.39 billion in the same quarter last year. Revenue increased 12.5 percent in constant currency.

The Street was looking for earnings of $0.48 per share on revenues of $1.55 billion for the quarter.

Iron Mountain's board of directors also declared a quarterly cash dividend of $0.715 per share for the fourth quarter, payable on payable on January 7, 2025, for shareholders of record on December 16, 2024.

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