Iron Mountain Inc. ( IRM ) reported third-quarter financial results Wednesday before the bell, following which the stock price declined. Here are the key metrics from the quarter.

Q3 Earnings Details: The company reported that the third quarter adjusted earnings per share was 44 cents. Quarterly revenue of $1.56 billion, beating the street view of $1.55 billion.

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Total reported revenues (excluding the impact of foreign currency exchange) increased 12% compared to the prior year. This was driven by a 9% increase in storage rental revenue and a 17% increase in service revenue.

On a constant currency basis, adjusted EBITDA increased by 14% in the quarter Y/Y, driven by the increase in Global Records Information Management (RIM), Asset Lifecycle Management (ALM), and data center.

AFFO was $332.0 million for the quarter, compared with $301.2 million last year, an increase of 10.2% driven by improved adjusted EBITDA. AFFO per share was $1.13, higher by 11% Y/Y.

Iron Mountain’s President and CEO, William L. Meaney, highlighted the team’s remarkable strides toward ambitious growth goals, noting that the Project Matterhorn operating model elevates the business by delivering innovative, enhanced solutions for customers.

Outlook: Iron Mountain affirmed full-year 2024 guidance towards the upper end of the guidance range for revenues of $6 billion–$6.15 billion versus the $6.24 billion estimate and AFFO per share of $4.39–$4.51.

Iron Mountain stock gained over 83% year-to-date.

Iron Mountain Stock Prediction For 2024

When buying a stock for a longer time horizon, it is important for investors to assess where they think the stock is headed in the future.

When mapping a stock's future trajectory, investors should consider factors including the future earnings expectations and expected performance against a benchmark.

Iron Mountain's revenue has grown at an average rate of 9.53% annually over the past 5 years. The average 1-year price target from analysts is $136.0, representing an expected 19.13% upside in 2025.

While past performance is not a guarantee of future results, investors should also look at a stock's historical performance when compared to both a benchmark index and the company's peers. Shares of Iron Mountain have seen an annualized return of 44.62%, outperforming the S&P500 index by 37.48%. This compares to -0.5% growth in the overall Real Estate sector. Iron Mountain has a beta of 0.58.

Price Action: IRM stock is down 9.38 to $113.94 at the last check on Wednesday.

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