Iron Mountain Q2: Data Storage Demand, Dividend Boost & More
Portfolio Pulse from Anusuya Lahiri
Iron Mountain Inc (NYSE:IRM) reported Q2 financial results, showing mixed performance with EPS missing estimates but revenue beating expectations. The company saw significant growth in storage rental and service revenue, leading to a 15.1% increase in adjusted EBITDA. AFFO also increased by 11.8%, and the company raised its quarterly dividend by 10%. Iron Mountain affirmed its full-year 2024 guidance, expecting revenues towards the upper end of the $6 billion–$6.15 billion range.
August 01, 2024 | 3:38 pm
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Iron Mountain reported mixed Q2 results with EPS missing estimates but revenue beating expectations. The company saw strong growth in storage rental and service revenue, leading to a 15.1% increase in adjusted EBITDA. AFFO increased by 11.8%, and the quarterly dividend was raised by 10%. Full-year guidance was affirmed, with expectations towards the upper end of the revenue range.
The mixed Q2 results, with EPS missing but revenue beating expectations, along with strong growth in key revenue segments and an increased dividend, are likely to positively impact IRM's stock price in the short term. The affirmation of full-year guidance towards the upper end of the range further supports a positive outlook.
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IMPORTANCE 90
RELEVANCE 100