Iron Mountain Clocks 15% Revenue Growth In Q2 Backed By Storage, Service Revenue; Reiterates FY22 Outlook

Iron Mountain Inc IRM reported second-quarter FY22 revenue growth of 15% year-on-year to $1.29 billion, marginally missing the consensus of $1.30 billion.
Storage Rental revenue grew 5% Y/Y to $753 million. Service revenue rose 34% Y/Y to $536 million.
The adjusted EBITDA margin contracted 90 bps to 35.3%.
Adjusted EPS of $0.46 beat the consensus of $0.40. Adjusted FFO per share improved from $0.85 a year ago to $0.93.
Iron Mountain held $144.7 million in cash and equivalents.
Dividend: The board declared a quarterly cash dividend of $0.6185 per share, payable on October 4, 2022, for shareholders of record on September 15, 2022.
Outlook: Iron Mountain reiterated its FY22 revenue forecast of $5.125 billion - $5.275 billion, versus the consensus of $5.21 billion.
It reiterated an adjusted FFO per share of $3.70 - $3.82.
Price Action: IRM shares traded higher by 0.40% at $48.56 on the last check Thursday.

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