Iron Mountain Reports Q3 Earnings In-Line With Consensus, Confirms FY21 Outlook

Iron Mountain Inc IRM reported third-quarter FY21 revenue growth of 9% year-on-year to $1.13 billion, at par with the consensus.
Storage Rental Revenue grew 3% Y/Y to $719 million. Service Revenue rose 21% Y/Y to $412 million.
The adjusted EBITDA margin expanded 70 bps to 37%.
Adjusted EPS of $0.40 was in-line with the consensus. Adjusted FFO per share improved 20.6% to $0.90.
Iron Mountain held $161.4 million in cash and equivalents.
The board declared a quarterly cash dividend of $0.6185 per share for Q4, payable on January 6, 2022, for shareholders of record on December 15, 2021.
"Our Mountaineers have been executing well despite what continues to be a challenging environment, and we are pleased to continue to drive accelerated growth with continued strong uptake in our digital and SITAD offerings resulting in 19% year over year growth, strong storage growth of 3.2% with positive organic volume, and continued momentum in our Data Center business, which is well on track to deliver bookings in excess of 30 megawatts for the year," CEO William L. Meaney said.
Outlook: Iron Mountain confirmed guidance for FY21. It sees revenue of $4.415 billion - $4.515 billion versus the consensus of $4.48 billion.
It sees an adjusted FFO per share of $3.33 - $3.45.
Price Action: IRM shares traded lower by 1.26% at $47.62 on the last check Thursday.

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