Iron Mountain's Q1 Highlights: Beats Earnings, Bullish On Project Matterhorn Performance

Iron Mountain Inc (NYSE: IRM) reported first-quarter FY23 revenue growth of 5% year-on-year to $1.31 billion, slightly missing the consensus estimate of $1.32 billion.
Storage rental revenue grew 8% Y/Y to $810 million. Service revenue rose 2% Y/Y to $504 million.
The adjusted EBITDA margin expanded by 60 bps to 35.1%.
Adjusted EPS of $0.42 beat the consensus of $0.35. Adjusted FFO per share improved by 7% Y/Y to $0.97.
Iron Mountain held $146.4 million in cash and equivalents.
William L. Meaney, President and CEO of Iron Mountain, said, "The success of Project Matterhorn is exceeding our expectations, and we are on track to continue to provide innovative solutions to meet our customers' needs."
Dividend: The board declared a quarterly cash dividend of $0.6185 per share.
Outlook: Iron Mountain reiterated its FY23 revenue forecast of $5.5 billion-$5.6 billion versus the consensus of $5.54 billion.
It also reiterated adjusted FFO per share of $3.91-$4.00.
IRM Price Action: IRM shares traded higher by 0.95% at $55.70 on the last check Thursday.

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