Iron Mountain Incorporated (NYSE:IRM ) Q3 2024 Earnings Conference Call November 6, 2024 8:30 AM ET Company Participants Gillian Tiltman - SVP & Head, IR William Meaney - President & CEO Barry Hytinen - EVP & CFO Conference Call Participants George Tong - Goldman Sachs Jonathan Atkin - RBC Shlomo Rosenbaum - Stifel Nathan Crossett - BNP Kevin McVeigh - UBS Andrew Steinerman - JPMorgan Eric Luebchow - Wells Fargo Brendan Lynch - Barclays Operator Good morning, and welcome to the Iron Mountain Third Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode.
Although the revenue and EPS for Iron Mountain (IRM) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Iron Mountain (IRM) came out with quarterly funds from operations (FFO) of $1.13 per share, beating the Zacks Consensus Estimate of $1.11 per share. This compares to FFO of $0.99 per share a year ago.
Iron Mountain on Wednesday posted a rise in its funds from operations (FFO) for the third quarter, driven by robust demand for its data centers.
IRM's Q3 results are likely to show strength in core storage and record management businesses and solid data center demand, despite higher interest expenses.
Evaluate the expected performance of Iron Mountain (IRM) for the quarter ended September 2024, looking beyond the conventional Wall Street top-and-bottom-line estimates and examining some of its key metrics for better insight.
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Strong cash flows in the storage and records management segment, and a focus on the data center business are positives for IRM. High competition is concerning.
Strong cash flows from the storage and records management businesses, data-center business expansion and healthy balance sheet are likely to support IRM.
Strong cash flows in the storage and records management business and a focus on the data center business are upsides for IRM.
Iron Mountain has seen significant growth, with the stock up 300.3% since February 2021. The company's Global RIM segment and Global Data Center Business have both shown robust revenue and profit growth, driven largely by organic expansion. Despite impressive growth, the high capital costs for data center expansion and current lofty valuations make Iron Mountain too expensive for a 'buy' rating.
Iron Mountain Incorporated (NYSE:IRM ) 2024 RBC Capital Markets Global Communications Infrastructure Conference September 24, 2024 11:40 AM ET Company Participants Bill Meaney - Chief Executive Officer Barry Hytinen - Chief Financial Officer Conference Call Participants Jonathan Atkin - RBC Capital Markets Jonathan Atkin We are ready to get started. I am pleased to welcome Iron Mountain's CEO, Bill Meaney; CFO, Barry Hytinen, and welcome to our conference.