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S&P 500 (NYSE:SPY) component Iron Mountain Inc. (NYSE:IRM) reported its results for the second quarter. Iron Mountain provides information protection and storage services to clients throughout the globe.
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Iron Mountain Inc. Earnings Cheat Sheet
Results: Net income for Iron Mountain Inc. fell to $38.1 million (22 cents per share) vs. $252.7 million ($1.24 per share) a year earlier. This is a decline of 84.9% from the year-earlier quarter.
Revenue: Fell 0.9% to $752 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Iron Mountain Inc. reported adjusted net income of 35 cents per share. By that measure, the company beat the mean estimate of 31 cents per share. Analysts were expecting revenue of $761.2 million.
Quoting Management: “This was another good quarter for Iron Mountain and we are on track to achieve our full year objectives. The organization continues to perform well and deliver consistent, solid operating results. Even in a slow growth economy, we achieved 6% C$ storage rental growth comprised of 4% internal growth and the balance from recent acquisitions. Most of these acquisitions were in international expansion markets, consistent with our long-term strategy,” said Richard Reese, Iron Mountain’s Chairman and Chief Executive Officer. “We advanced our work to pursue conversion to a REIT with the filing of requests for private letter rulings with the Internal Revenue Service.”
The company beat estimates last quarter after meeting expectations in the first quarter with net income of 29 cents per share.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 36 cents per share, down from 37 cents ninety days ago. At $1.30 per share, the average estimate for the fiscal year has fallen from $1.32 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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