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Earnings Review and Free Research Report: Iron Mountain’s Revenue Grew 7.5%; Adjusted FFO Soared 39.6%

Research Desk Line-up: Amdocs Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 14, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Iron Mountain Inc. (NYSE: IRM), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=IRM, following the Company's release of its second quarter fiscal 2017 earnings results on July 28, 2017. The storage and information management Company surpassed Wall Street's estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:


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Earnings Reviewed

For the three months ended June 30, 2017, Iron Mountain reported revenues of $950 million, up 7.5% compared to revenue of $884 million in Q2 2016. On a constant dollar (C$) basis, the Company's total revenues grew 8.4% on a y-o-y basis, reflecting a full quarter of results from the acquisition of Recall Holdings, which closed on May 02, 2016. Iron Mountain's revenue number's fell short of analysts' estimates of $955.2 million.

For Q2 2017, Iron Mountain's income from continuing operations was $83 million compared to a loss of $15 million in Q2 2016. The Company's income from continuing operations included $20 million of Recall Costs in the reported quarter compared to $50 million in the prior year's same quarter.

Iron Mountain's adjusted EBITDA was $318 million for Q2 2017 compared to $261 million in Q2 2016. On a C$ basis, the Company's adjusted EBITDA increased by 23% reflecting a full quarter of results from the acquisition of Recall compared to approximately two months in the prior year, and higher margins associated with cost synergies resulting from the Recall acquisition as well as the Company's Transformation Initiative.

For Q2 2017, Iron Mountain's net income was $81 million compared to a loss of $13 million in Q2 2016, reflecting impacts from the Recall acquisition. The Company's earnings from continuing operations for the reported quarter was $0.30 per diluted share compared with a loss of $0.06 for the prior year's corresponding quarter. Iron Mountain's adjusted earnings was $0.30 per share for Q2 2017 compared to $0.24 in Q2 2016, representing growth of 22.6%. The Company's adjusted EPS for the reported quarter reflected a structural tax rate of 21.3% versus a structural tax rate of 17.2% in the prior year's comparable quarter.

Iron Mountain's FFO (Normalized) per share was $0.55 for Q2 2017 compared with $0.48 in Q2 2016.The Company's AFFO was $217 million for the reported quarter compared to $155 million in the prior year's same quarter. Iron Mountain's FFO numbers exceeded Wall Street's estimates of $0.52 per share.

Segment Results

During Q2 2017, Iron Mountain achieved strong internal storage rental revenue growth of 4.8%, or 4% excluding a lease termination fee from a data center customer whose business had been acquired. The Company's service revenues increased 5.1% in the reported quarter on a C$ basis with internal service revenue down 1.1% as higher paper prices in the Company's shred business were more than offset by cycling over a high recall destruction revenue in Q2 2016 in its Other International segment, and less tape rotation in the Company's Data Management business.
Dividend Declared

On July 27, 2017, Iron Mountain's Board of Directors declared a cash dividend of USD $0.55 per share on the common stock and Chess Depository Interests (CDIs) of the Company, payable to shareholders of record at the close of business on September 15, 2017.


Iron Mountain is forecasting revenues to be in the range of $3.750 billion–$3.840 billion and adjusted EBITDA guidance in the band of $1.250 billion–$1.280 billion. The Company's adjusted FFO is expected to be in the range of $715 million–$760 million.

Stock Performance

On Friday, August 11, 2017, the stock closed the trading session at $37.13, dropping 1.85% from its previous closing price of $37.83. A total volume of 1.07 million shares have exchanged hands. Iron Mountain's stock price advanced 9.40% in the last one month, 7.41% in the past three months, and 0.24% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 14.32%. The stock is trading at a PE ratio of 50.86 and has a dividend yield of 5.93%. The stock currently has a market cap of $10.00 billion.

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SOURCE: Pro-Trader Daily