Specialized REIT Iron Mountain Clocks Strong Earnings Growth in Q4, Eyes Expansion with Project Matterhorn
Portfolio Pulse from Anusuya Lahiri
Iron Mountain Inc (NYSE: IRM), a specialized REIT firm, reported a 11% year-on-year revenue growth in Q4 fiscal 2023, reaching $1.42 billion, slightly below the consensus estimate of $1.45 billion. The company saw storage rental revenue increase by 13% to $871 million and service revenue by 8% to $549 million. Adjusted EBITDA margin expanded by 60 bps to 35.1%, and adjusted EPS was $0.52. Adjusted FFO per share rose by 9% year-on-year to $1.07, surpassing the consensus of $0.81. Iron Mountain declared a quarterly cash dividend of $0.65 per share and announced the closure of its acquisition of Regency Technologies, enhancing its Asset Lifecycle Management leadership. The company projects FY24 revenue between $6.00 billion and $6.15 billion, with adjusted FFO per share expected to be between $4.39 and $4.51. IRM shares increased by 5.08% to $72.01.
February 22, 2024 | 5:20 pm
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Iron Mountain reported a solid Q4 with revenue growth and a strong adjusted FFO per share, surpassing consensus estimates. The company also declared a quarterly dividend and completed an acquisition, indicating a positive outlook.
IRM's Q4 earnings report demonstrates strong financial health and growth, with revenue and adjusted FFO per share increases. The dividend declaration and successful acquisition signal confidence in future growth, likely positively impacting investor sentiment and stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100