Overview

* Iron Mountain Q2 rev grows 11.6% yr/yr to record $1.7 bln

* Adjusted EBITDA beats analyst expectations, driven by growth in key segments

* Co reports net loss of $43 mln due to Fx impact on intercompany balances

Outlook

* Iron Mountain raises full-year revenue guidance to $6.79 bln-$6.94 bln

* Company projects full-year adjusted EBITDA of $2.52 bln-$2.57 bln

* Iron Mountain expects AFFO per share of $5.04-$5.13

* Company cites strong momentum in growth businesses for guidance increase

Result Drivers

* DATA CENTER GROWTH - Data center, digital, and asset lifecycle management businesses grew over 30%, driving revenue growth

* FX IMPACT - Net loss of $43 mln attributed to changes in exchange rates on intercompany balances

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Miss $0.48 $0.5 (6

Adjusted Analysts

EPS )

Q2 EPS -$0.15

Q2 Net -$43 mln

Income

Q2 Beat $628 mln $622.40

Adjusted mln (6

EBITDA Analysts

)

Q2 36.7%

Adjusted

EBITDA

Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy"

* Wall Street's median 12-month price target for Iron Mountain Inc ( IRM ) is $123.00, about 22.3% above its August 5 closing price of $95.55

* The stock recently traded at 45 times the next 12-month earnings vs. a P/E of 45 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)