Iron Mountain Incorporated IRM reported first-quarter financial results Thursday before the bell, following which the shares started soaring. Here’s a look at the key metrics from the quarter.
Q1 Earnings Details: The company, under the helm of CEO William Meaney, reported first-quarter adjusted earnings per share of 43 cents. Quarterly revenue of $1.477 billion, beating the street view of $1.453 billion.
Total reported revenues increased 12.2% compared to the prior year. This was driven by a 9% increase in storage rental revenue and a 17.2% increase in service revenue.
On a constant currency basis, adjusted EBITDA increased by 12.5% in the first quarter, compared to the first quarter of 2023, driven by the increase in storage rental revenue, ALM improvement and data center commencements.
AFFO was $323.7 million for the first quarter, compared with $295.2 million in the first quarter of 2023, an increase of 9.6% driven by improved Adjusted EBITDA.
Dividend: Iron Mountain declared a quarterly cash dividend of 65 cents per share for the second quarter, which is payable on July 5, 2024, for shareholders of record on June 17, 2024.
Outlook: Iron Mountain affirmed full-year 2024 guidance and sees revenues between $6 billion-$6.15 billion versus the $6.09 billion estimate.
The company expects AFFO per share of $4.39-$4.51.
Price Action: IRM shares are trading down by 1.8% to $76.68 at last check Thursday.
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