PORTSMOUTH, N.H. - Iron Mountain Incorporated (NYSE:IRM) reported third-quarter earnings that fell short of analyst estimates, sending shares down 2.9% in premarket trading on Wednesday.
The information management services company posted adjusted earnings per share of $0.44, missing the consensus forecast of $0.48. Revenue came in slightly ahead of expectations at $1.56 billion, compared to analyst estimates of $1.55 billion.
Total (EPA:TTEF) revenue increased 12.2% year-over-year, driven by 9% growth in storage rental revenue and 17.4% growth in service revenue. However, net income swung to a loss of $33.7 million, compared to a profit of $91.4 million in the same quarter last year.
"We are pleased to report a very strong third quarter and continued strong momentum in the second half of 2024, resulting in all-time record Revenue, Adjusted EBITDA, and AFFO," said William L. Meaney, President and CEO of Iron Mountain.
For the full year 2024, Iron Mountain reaffirmed its revenue guidance range of $6.0 billion to $6.15 billion. The company now expects to achieve the high end of its previously provided full-year outlook.
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