- Iron Mountain Inc (NYSE:IRM) reported first-quarter FY22 revenue growth of 15% year-on-year to $1.248 billion, marginally beating the consensus of $1.240 billion.
- Storage Rental Revenue grew 6% Y/Y to $751 million. Service Revenue rose 33% Y/Y to $497 million.
- Global RIM business revenue increased 7.9% Y/Y. Global Data Center business revenue increased 36.4% Y/Y.
- Iron Mountain has inked 35 megawatts of new and expansion leasing through March 31, 2022. Subsequent to the end of Q1, it executed a 72-megawatt lease on its Northern Virginia campus. It raised the full-year projection or new leases from 50 megawatts to 130 megawatts.
- The adjusted EBITDA margin contracted 70 bps to 34.5%.
- Adjusted EPS of $0.38 beat the consensus of $0.37. Adjusted FFO per share improved from $0.81 a year ago to $0.91.
- Iron Mountain held $195.7 million in cash and equivalents.
- Dividend: The board declared a quarterly cash dividend of $0.6185 per share, payable on July 6, 2022, for shareholders of record on June 15, 2022.
- Outlook: Iron Mountain reiterated FY22 revenue of $5.125 billion - $5.275 billion, versus the consensus of $5.17 billion.
- It reiterated an adjusted FFO per share of $3.70 - $3.82.
- Price Action: IRM shares traded higher by 2.30% at $55.67 on the last check Thursday.
