Iron Mountain Q4 AFFO Rises

(RTTNews) - Iron Mountain Incorporated (IRM) reported that its fourth quarter AFFO was $327.6 million, compared with $298.5 million in the fourth quarter of 2022, an increase of 10%. AFFO per share was $1.11, compared with $1.02. FFO Normalized per share was $0.83, compared with $0.74. Net income declined to $29 million from $126 million, prior year. Reported EPS was $0.10 compared to $0.42. Adjusted EPS was $0.52 compared to $0.43.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.45, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter total revenue increased to $1.42 billion from $1.28 billion, previous year. Excluding the impact of foreign currency exchange, total reported revenues increased 10.0% compared to the prior year. Analysts on average had estimated $1.45 billion in revenue.

For 2024, the company expects: AFFO Per Share in a range of $4.39 - $4.51; and total revenue in a range of $6.00 billion to $6.15 billion.

On February 22, 2024, Iron Mountain's Board declared a quarterly cash dividend of $0.65 per share for the first quarter. The first quarter dividend is payable on April 4, 2024, for shareholders of record on March 15, 2024.

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