Iron Mountain Clocks 9 Percent Revenue Growth in Q4 Aided by Expanded Offerings, Resilient Storage Businesses

By Benzinga
Benzinga
Benzinga
February 25, 2022 Updated: February 25, 2022

Iron Mountain Inc. reported fourth-quarter FY21 revenue growth of 9 percent year-on-year to $1.16 billion, beating the consensus of $1.15 billion.

Storage Rental Revenue grew 4 percent Y/Y to $725 million. Service Revenue rose 20 percent Y/Y to $434 million.

The adjusted EBITDA margin expanded 180 bps to 37.1 percent.

Adjusted EPS of $0.43 beat the consensus of $0.40. Adjusted FFO per share improved from $0.66 a year ago to $0.92.

Iron Mountain held $255.8 million in cash and equivalents.

The board declared a quarterly cash dividend of $0.6185 per share for Q1 FY22, payable on April 6, 2022, for shareholders of record on March 15, 2022.

“This record result is reflective of our expanding and broad offerings, continued resiliency in our storage businesses, deep customer relationships, and strength of our team,” said William L. Meaney, CEO.

Outlook

Iron Mountain sees FY22 revenue of $5.125 billion–$5.275 billion, above the consensus of $4.74 billion.

It sees an adjusted FFO per share of $3.70–$3.82.

By Anusuya Lahiri

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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