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Iron Mountain shares rise 3.0% after Q3 beat; boosts data center leasing guidance

Nov. 05, 2020 9:57 AM ETIron Mountain Incorporated (IRM) StockBy: Liz Kiesche, SA News Editor23 Comments
  • Iron Mountain (NYSE:IRM) climbs 3.0% after Q3 normalized FFO per share of 61 cents exceeds the average analyst estimate of 55 cents and compares with 62 cents in the year-ago quarter.
  • Sees 55+ MW of new expansion and leasing in its data center business in 2020 vs. original guidance of 15-20 MW; development pipeline increased to ~50MW.
  • Now sees its Project Summit cost-savings initiative to generate $165M in adjusted EBITDA benefits in 2020, up from its previous estimate of $150M; still on track to realize structural cost savings of $375M per year exiting 2021.
  • Notes that Q3 total organic storage rental revenue growth "accelerated modestly" from last quarter, up 2.5%.
  • Keeps long-term leverage ratio target at 4.5x-5.5x.
  • Q3 revenue of $1.04B beats consensus estimate of $992.1M and fell 2.4% Y/Y.
  • Q3 adjusted EBITDA of $370.0M fell 1.5% Y/Y, and includes  direct and incremental costs related to COVID-19.
  • Previously: Iron Mountain FFO beats by $0.06, beats on revenue (Nov. 5)
  • See why SA contributor Mark Roussin considers IRM an undervalued stock.

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