Iron Mountain (IRM) Q3 FFO Misses Estimates, Revenues Beat
Zacks Investment Research | Oct 24, 2017 10:34PM ET
Iron Mountain Inc. (NYSE:IRM) reported third-quarter 2017 normalized funds from operations (FFO) of 55 cents per share that missed the Zacks Consensus Estimate of 56 cents but increased 10% year over year.
Adjusted earnings per share came in at 31 cents compared with 27 cents reported in the prior-year quarter.
Revenues of $966 million beat the Zacks Consensus Estimate of $958 million and improved 2.4% year over year. At constant currency (cc), storage revenues were up 4.3% to $601.1 million while service revenues fell 0.5% to $364.6 million. The company achieved internal storage rental growth of 3.5% in the quarter.
Iron Mountain reported adjusted EBITDA of $323 million compared with $294.2 million in the year-ago quarter. Moreover, adjusted EBITDA margin improved 230 basis points (bps) to 33.5% from 31.2% in the year-ago quarter.
The strong year over year performance was mainly driven by synergies from Recall Holdings acquisition, transformation initiatives and continued strong performance of its storage rental business.
We note that on a year-to-date basis, the stock has gained 22.8%, outperforming the Zacks Investment Research
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