Iron Mountain Backs FY24 Outlook After Higher Q1 Results; Declares Dividend

(RTTNews) - Iron Mountain Inc. (IRM), while announcing higher first-quarter results, on Thursday maintained its outlook for fiscal 2024.

In pre-market activity on the NYSE, IRM shares were gaining around 1.2 percent to trade at $79.

For fiscal 2024, adjusted Funds from operations or AFFO is still expected to be $1.30 billion to $1.335 billion, a growth of 9% from the prior year. The company continues to expect AFFO per share to be $4.39 to $4.51, up 8% year-over-year.

Adjusted EBITDA is still estimated to grow 12 percent from last year to $2.175 billion to $2.225 billion, and total revenue to grow 11 percent year-over-year to $6.00 billion to $6.15 billion.

Analysts on average expect the company to report earnings of $1.96 per share on revenues of $6.09 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, the company announced its Board of Directors declared a quarterly cash dividend of $0.65 per share for the second quarter. The second quarter 2024 dividend is payable on July 5 for shareholders of record on June 17.

In its first quarter, the company's FFO (Normalized) per share was $0.74, compared to $0.71 a year ago. AFFO was $323.7 million, 9.6 percent higher than $295.2 million last year.

AFFO per share was $1.10, compared with $1.01 in the first quarter of 2023.

Net income grew to $77.0 million or $0.25 per share from last year's $65.5 million or $0.22 per share. Adjusted earnings per share were $0.43, compared to $0.42 last year.

Analysts estimated earnings of $0.42 per share for the quarter.

Total reported revenues for the first quarter were $1.48 billion, up 12 percent from last year's $1.31 billion. Asnalysts expected revenues of $1.45 billion for the quarter.

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