• Iron Mountain Inc (NYSE: IRM) reported Q1 FY23 revenue grew 5% year over year to $1.31 billion, slightly missing consensus Estimate of $1.32 billion.
  • Storage lease revenue increased 8% year over year to $810 million. Services revenue increased 2% year over year to $504 million.
  • Adjusted EBITDA margin increased 60 basis points to 35.1%.
  • Adjusted EPS of $0.42 beat the consensus of $0.35. Adjusted FFO per share improved 7% year over year to $0.97.
  • Iron Mountain held $146.4 million in cash and equivalents.
  • William L. Meaney, President and CEO of Iron Mountain, said, “The success of the Matterhorn project has exceeded our expectations and we are on track to continue to provide innovative solutions to meet the needs of our customers.”
  • Dividend: The board declared a quarterly cash dividend of $0.6185 per share.
  • Outlook: Iron Mountain reiterated its revenue guidance for fiscal 23 from $5.5 to $5.6 billion versus the consensus of $5.54 billion.
  • It also reiterated adjusted FFO per share ranging from $3.91 to $4.00.
  • IRM Price Promotion: IRM shares traded up 0.95% to $55.70 on the last check Thursday.

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