Iron Mountain (IRM) Misses Q4 EPS by 2c, Revenues Beat; Offers FY21 Revenue Guidance Above Consensus

Iron Mountain (NYSE: IRM) reported Q4 EPS of $0.29, $0.02 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $1.04 billion.

“We couldn’t be more pleased with the way our Mountaineers navigated the challenging environment in 2020, brought on by COVID-19,” said William L. Meaney, president and CEO of Iron Mountain. “Throughout the pandemic, we were laser focused on execution and controlling those factors that we could, leading to outperformance against our own internal expectations through the last three quarters of 2020. This resulted in continued strength in total storage rental revenue, which grew nearly 4% on a constant-currency basis and 2.4% organically in 2020. Service revenue declines continued to offset the strong storage performance. Importantly, we grew Adjusted EBITDA 1.3% when adjusting for currency, whilst our margin expanded 110 basis points. This all in spite of total revenue being down $115 million due to service activity declines. I want to especially thank our teams across the globe who stayed focused in the face of so many obvious distractions. Our success is a reflection of our Mountaineers’ dedication, and most importantly I have been inspired by the way our teams looked after both the physical and mental health of each other as they navigated the threats from COVID, both at work and at home.”

Meaney continued, “Finally, as we look to 2021 and beyond, I’ve never been more optimistic about our opportunities for growth at any other time in our history, even with the anticipated continued headwinds due to COVID-19 impacting the revenue from our traditional service areas. This is in large part due to our decision not to dial back on our investment in innovation and new product development, so that we could provide more solutions to our customers, not just in the COVID crisis, but post-crisis."

GUIDANCE:

Iron Mountain sees FY2021 revenue of $4.325-4.475 billion, versus the consensus of $4.28 billion.

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

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