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Iron Mountain Registers 10% Topline Growth In Q4, Misses Street Consensus

Published 23/02/2023, 13:35
Updated 23/02/2023, 14:40
© Reuters.  Iron Mountain Registers 10% Topline Growth In Q4, Misses Street Consensus

© Reuters. Iron Mountain Registers 10% Topline Growth In Q4, Misses Street Consensus

Benzinga - Iron Mountain Inc (NYSE: IRM) reported fourth-quarter FY22 revenue growth of 10% year-on-year to $1.27 billion Thursday, missing the consensus estimate of $1.32 billion.

Storage rental revenue grew 6% Y/Y to $770 million. Service revenue rose 17% Y/Y to $510 million.

The adjusted EBITDA margin slightly contracted 20 bps to 36.9%.

Adjusted EPS of 43 cents missed the consensus estimate of 44 cents by a penny. Adjusted FFO per share improved from 92 cents a year ago to 98 cents.

Iron Mountain held $141.8 million in cash and equivalents.

CEO William L. Meaney said, "As a result of our team's efforts and our expanded products and solutions, we achieved revenue growth of 14% for the fourth quarter and growth in Adjusted EBITDA of 13% on a constant currency basis, or 10% and 10%, respectively, on a reported basis. On a full-year basis, we achieved 17% revenue growth on a constant currency basis and 14% on a reported basis, with Adjusted EBITDA growth for the full year of 15% on a constant currency basis and 12% on a reported basis. Looking ahead to 2023, we are energized by our growth plans, and we are confident in our extraordinary team's ability to continue our mission of delivering value for our customers."

Dividend: The board declared a quarterly cash dividend of $0.6185 per share.

Outlook: Iron Mountain shared an FY23 revenue forecast of $5.5 billion-$5.6 billion versus the consensus of $5.51 billion.

It expects adjusted FFO per share of $3.91-$4.

IRM Price Action: IRM shares closed lower by 0.08% at $50.63 on Wednesday.

Photo via Pixabay.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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