UPDATE: Iron Mountain (IRM) Misses Q1 EPS by 2c, Beats on Revenue, Maintains FY17 Guidance

Iron Mountain (NYSE: IRM) reported Q1 EPS of $0.24, $0.02 worse than the analyst estimate of $0.26. FFO was $0.48 vs consensus of $0.50. Revenue for the quarter came in at $939 million versus the consensus estimate of $928.63 million.

Guidance

The company maintained its 2017 full year guidance. The Company expects, on constant dollar basis, Revenue growth of 8% to 10%, Adjusted EBITDA growth of 16% to 19% and AFFO growth of 8% to 15% for full year 2017. Guidance details are available on Page 6 of supplemental financial information.

Financial Performance Highlights

• Total reported Revenues for the first quarter were $939 million, compared with $751 million in 2016. On a constant dollar (C$) basis, total Revenue growth was 25.2% for the quarter, primarily driven by the Recall acquisition, which closed on May 2, 2016.
• Income from Continuing Operations for the first quarter was $59 million, compared with $63 million in 2016. Income from Continuing Operations included $20.6 million of Recall Costs in the first quarter of 2017, compared with $18.3 million of Recall Costs in the first quarter of 2016.
• Adjusted EBITDA for the first quarter was $293 million, compared with $235 million in 2016. On a C$ basis, Adjusted EBITDA increased by 25.1% for the quarter.
• Reported EPS - Fully Diluted from Continuing Operations for the first quarter was $0.22 per share compared with $0.30 per share for the first quarter of 2016.
• Adjusted EPS for the first quarter was $0.24 per diluted share, compared with $0.33 per diluted share in 2016. Adjusted EPS for the first quarter reflects a structural tax rate of 23.1%, compared with a structural tax rate of 14.0% in 2016. In addition, Adjusted EPS was impacted by increased depreciation and amortization expenses resulting from the Recall acquisition.
• Net Income for the first quarter was $59 million compared with $63 million in 2016. Net Income was impacted by the same items included in Income from Continuing Operations.
• FFO (Normalized) per share was $0.48 for the first quarter compared with $0.54 in 2016. FFO per share for the first quarter reflects a structural tax rate of 23.1%, compared with a structural tax rate of 14.0% in 2016.
• AFFO was $170.9 million for the first quarter compared with $167.6 million in 2016.

(Update corrects consensus EPS to 26 cents)

For earnings history and earnings-related data on Iron Mountain (IRM) click here.

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