Iron Mountain FFO Rises; Backs FY22 View

(RTTNews) - Iron Mountain Incorporated (IRM), a storage, asset, and information management services provider, on Thursday reported a rise in Funds from Operation or FFO, and earnings for the second quarter, reflecting an increase in revenues. In addition, for the full-year, the company has reaffirmed its outlook.

Separately, the firm has declared a cash dividend of $0.6185 per share for the third quarter.

For the three-month period to June, the Boston-headquartered firm reported FFO per share of $0.74, compared with $0.69 per share a year ago.

Adjusted FFO was at $270.9 million or $0.93 per share, higher than $246.0 million or $0.85 per share in the second quarter of 2021.

Net income was at $200.08 million or $0.68 per share, versus $275.28 million or $0.95 per share, on year-on-year basis.

Excluding items, income rose to $0.46 per share, from $0.38 per share of last year period. Six analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $0.4. Analysts' estimates typically exclude one-time items.

For the June quarter, operating income moved down to $293.78 million, from $305.92 million of previous year.

Adjusted EBITDA stood at $455 million, higher than $406 million, reported for the second quarter of 2021.

Iron Mountain registered total revenues of $1.289 billion, compared with $1.119 billion of same quarter of previous fiscal. Analysts, on average, had expected the firm to post sales of $1.3 billion.

For the fiscal 2022, the asset management company still expects its adjusted EBITDA to be in the range of $1.800 billion - $1.850, on total revenues of $5.125 billion to $5.275 billion.

Analysts, on average, expect the company to record its full-year sales at $5.21 billion.

The company also anticipates its adjusted FFO to be in the range of $1.085 billion or $3.70 per share to $1.120 billion or $3.82 per share.

For the third quarter, the Board has declared a cash dividend of $0.6185 per share, to be paid on October 4, for shareholders of record on September 15.