FX.co ★ Iron Mountain Backs FY24 Outlook After Higher Q1 Results; Declares Dividend

Iron Mountain Inc., noted for its improved financial performance in the first quarter, has consistently held its fiscal outlook for 2024.

Following the news, the company's shares, trading on the NYSE, increased by around 1.2% to reach $79 during pre-market trading.

For 2024, the company anticipates its Adjusted Funds from Operations (AFFO) to range between $1.30 billion and $1.335 billion, signifying a 9% rise from the previous year. In fact, AFFO per share is also projected to increase by 8% year-on-year, achieving the range of $4.39 to $4.51.

The company's EBITDA is anticipated to escalate by 12% from the previous year, to attain a sum between $2.175 billion and $2.225 billion. Moreover, total revenue is also predicted to elevate by 11% year-over-year, yielding a sum of $6.00 billion to $6.15 billion.

According to information collated by Thomson Reuters, financial analysts are forecasting the company to disclose earnings amounting to $1.96 per share, with revenues reaching $6.09 billion. These figures, however, typically exclude any special items.

In addition, Iron Mountain Inc. disclosed that its Board of Directors has approved a quarterly cash dividend of $0.65 per share for the second quarter. Shareholders who are recorded as of June 17 will be entitled to dividends, which will be made available on July 5, 2024.

In the first quarter, the company's FFO (Normalized) per share increased from $0.71 to $0.74. The AFFO, was reported to be $323.7 million, marking a 9.6% increase from $295.2 million the previous year.

The AFFO per share in the first quarter reached $1.10, up from $1.01 in the same quarter of 2023.

Net income rose to $77.0 million or $0.25 per share, a growth from the previous year’s $65.5 million or $0.22 per share. Meanwhile, Adjusted earnings per share reached $0.43, showing incremental growth from the previous $0.42.

Analysts had projected earnings of $0.42 per share for this quarter.

Lastly, total reported revenues for the first quarter were $1.48 billion, indicating a 12% increase from $1.31 billion the previous year. This slightly exceeded analysts’ expectation of $1.45 billion for this quarter.