Iron Mountain Inc

Latest Results (17.12.2024):

Total Revenue Growth

Iron Mountain Inc. reported total revenues of $1.6 billion for the third quarter of 2024, marking a 12.2% increase compared to the same period in 2023. This growth was driven by a 9.3% rise in storage rental revenue and a 17.6% increase in service revenue. Excluding the impact of foreign currency exchange, the revenue growth was slightly higher at 12.5%.

Net Income Decline

For the third quarter of 2024, Iron Mountain Inc. experienced a net income loss of $33.7 million, a significant decline from the $91.4 million profit recorded in the third quarter of 2023. This decrease was largely attributed to unfavorable changes in foreign currency exchange rates, which negatively impacted the company's financial results.

Adjusted EBITDA Increase

Iron Mountain Inc. reported an Adjusted EBITDA of $568.1 million for the third quarter of 2024, representing a 13.6% increase from the $500.0 million reported in the same quarter of the previous year. On a constant currency basis, Adjusted EBITDA grew by 13.9%, driven by increased revenue in Global RIM, ALM, and data center operations.

AFFO Growth

The company's AFFO for the third quarter of 2024 was $332.0 million, up 10.2% from $301.2 million in the third quarter of 2023. This growth was supported by improved Adjusted EBITDA. AFFO per share also increased to $1.13 from $1.02 in the same period last year, reflecting a 9.6% rise.

Dividend Declaration

Iron Mountain Inc.'s Board of Directors declared a quarterly cash dividend of $0.715 per share for the fourth quarter of 2024. This dividend is scheduled to be paid on January 7, 2025, to shareholders of record as of December 16, 2024, continuing the company's commitment to returning value to its shareholders.