Fri, Feb. 20, 12:30 PM
- Iron Mountain's (NYSE:IRM) storage rental revenue rose 2.2% Y/Y in Q4 to $465.4M, a slowdown from Q3's 5.3% growth and pressuring its top line. Likewise, service revenue was nearly unchanged Y/Y at $312.6M, after growing 1.2% in Q3.
- Forex hurt storage rental growth by 3%. IRM notes service revenue reflects "a trend toward reduced retrieval/re-file activity and related transportation revenue."
- Due to forex, the document storage now expects 2015 revenue of $3.03B-$3.15B and EPS of $1.15-$1.30, down from prior guidance of $3.135B-$3.29B and $1.23-$1.38, and below a consensus of $3.19B and $1.34.
- Based on IRM's old definition, 2015 AFFO guidance has been cut by $20M to $550M-$590M. Based on a new definition, guidance is at $480M-$520M. The capex budget remains at $550M-$650M, $230M-$270M of which will be spent on real estate investment.
- Gross margin rose 40 bps Y/Y in Q4 to 56.7%. FFO/share was $0.52, soundly above EPS of $0.25.
- Q4 results, earnings slides (.pdf)
Sep. 29, 2014, 5:36 PM
Sep. 29, 2014, 2:06 PM
- A source tells Bloomberg Iron Mountain (IRM +6.2%) may buy Recall Holdings for $2B-$2.5B. That would represent a hefty premium to Recall's current $1.37B market cap.
- Bloomberg also reports "nothing has been decided and the talks may still fall apart." Wooden pallet maker Brambles reportedly drew bids in the $2B range when it put Recall on the block in 2012; it ultimately decided to spin off the business.
- Earlier: Iron Mountain reportedly looking to buy Recall
Sep. 29, 2014, 1:44 PM
- Australia's Recall Holdings, publicly traded in Sydney, is a major rival for Iron Mountain's (IRM +5.1%) document management/data protection business. The company closed overnight trading with a $1.38B market cap.
- Bloomberg reports Iron Mountain is working with Evercore to buy Recall. Shares have popped in response.
Sep. 26, 2014, 12:45 PM
Jun. 26, 2014, 12:45 PM
Jun. 26, 2014, 9:17 AM
Jun. 25, 2014, 5:42 PM
Jun. 25, 2014, 4:11 PM
- Following favorable private letter rulings from the IRS, Iron Mountain's (IRM) board has approved the company's conversion into a REIT. REIT status is effective for the taxable year starting Jan. 1, 2014.
- The IRS rulings include one related to "the characterization of the company's steel racking structures as real estate for REIT purposes under the Internal Revenue Code." Back in 2013, the IRS said it was "tentatively adverse" to IRM's REIT conversion.
- Equinix (EQIX), awaiting a REIT ruling of its own, has ticked higher AH.
Apr. 16, 2014, 5:26 PM| 2 Comments
Nov. 14, 2013, 3:06 PM
Oct. 11, 2013, 9:23 AM
- Intel (INTC) has been cut to Neutral, and Nvidia (NVDA) to Underperform, by Macquarie. Intel's Q3 report arrives on Tuesday. Intel -0.6% premarket, Nvidia -0.9%.
- Micron (MU) has been cut to Underperform by Wells Fargo following its FQ4 results (I, II) and FQ1 pricing guidance. Shares -2.1%.
- Synaptics (SYNA) has been cut to Neutral by JPMorgan two days after announcing the Validity Sensors deal and forecasting strong FQ1 sales. Shares -1.5%.
- Corning (GLW) has been cut to Neutral by Piper. Shares -1%.
- Iron Mountain (IRM) has been cut to Underweight by Barclays a day after announcing CFO Brian McKeon is leaving. Shares -2.2%.
- LG Display (LPL) has been upgraded to Buy by Citi.
- Diodes (DIOD) has been upgraded to Buy by Longbow.
Jun. 7, 2013, 12:45 PM
Jun. 7, 2013, 9:11 AM
Jun. 7, 2013, 8:21 AMCommenting on the Iron Mountain (IRM) news, Equinix (EQIX) says it expects a "delay," but "continues to believe, based on both existing legal precedent and the fact that other data center companies currently operate as REITs, that its data center assets constitute real estate for REIT purposes." Evercore suggests the dip represents a buying opportunity, noting EQIX is now trading at a meaningful discount to other non-REIT data center peers. EQIX -9.8%, IRM -14.2% premarket. | Comment!
Jun. 6, 2013, 7:47 PM
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