Iron Mountain Integrated’s IRM third-quarter 2024 adjusted funds from operations (AFFO) per share of $1.13 outpaced the Zacks Consensus Estimate of $1.11. Whole revenues of $1.56 billion surpassed the Zacks Consensus Estimate by simply 0.06%.
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AFFO per share and complete revenues elevated 10.8% and 12.2%, respectively, on a year-over-year foundation.
Iron Mountain Integrated Value, Consensus and EPS Shock
Iron Mountain Incorporated price-consensus-eps-surprise-chart | Iron Mountain Integrated Quote
IRM’s Revenues Enhance
IRM’s storage rental revenues elevated 9% yr over yr to $935.7 million within the third quarter of 2024. The determine was greater than our estimate of $929 million. Service revenues grew 17.4% yr over yr to $621.7 million. It was decrease than our estimate of $626.8 million.
Whole revenues within the International RIM enterprise got here in at $1.26 billion, which elevated 6.6% from the prior-year quarter. It was decrease than our estimate of $1.27 billion.
Whole revenues within the International Information Middle enterprise elevated 20.1% yr over yr to $153.2 million. It was barely decrease than our estimate of $155.3 million.
The Company and Different enterprise skilled a year-over-year complete income enhance of 84.4%, totaling $143.8 million. The determine was greater than our estimate of $127.5 million.
Enhance in IRM’s Adjusted EBITDA
The adjusted EBITDA for International RIM enterprise rose 10.2% yr over yr to $569 million. The determine was greater than our estimate of $559.7 million.
The International Information Middle enterprise reported an adjusted EBITDA progress of 25.5% yr over yr, totaling $66.8 million. It was greater than our estimate of $65.8 million.
Nonetheless, the adjusted EBITDA for Company and Different posted a year-over-year decline of $67.7 million. The determine was greater than our estimate of a $61.7 million decline.
Steadiness-Sheet Place
IRM exited the third quarter with $168.5 million of money and money equivalents, up from $144.3 million as of June 30, 2024.
2024 Steerage
Iron Mountain reaffirmed its steerage for 2024 and now expects to be on observe to realize the higher finish of the 2024 steerage vary.
It expects AFFO per share of $4.39-$4.51. The Zacks Consensus Estimate for a similar is pegged at $4.49, which stands throughout the firm’s guided vary.
Revenues are estimated to be $6.00-$6.15 billion, whereas adjusted EBITDA is anticipated to be $2.175-$2.225 billion.
Iron Mountain at the moment carries a Zacks Rank #2 (Purchase). You may see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Efficiency of Different REITs
Equinix Inc.’s EQIX third-quarter 2024 AFFO per share of $9.05 surpassed the Zacks Consensus Estimate of $8.70. The determine improved 10.5% from the prior-year quarter.
Outcomes displayed regular progress in colocation and inter-connection revenues on the again of sturdy demand for digital infrastructure. Through the quarter, EQIX’s complete interconnections reached 478,000, rising 4% yr over yr. The corporate additionally revised its outlook for 2024.
American Tower Company AMT reported its third-quarter 2024 AFFO per share, attributable to AMT frequent stockholders, of $2.64 beat the Zacks Consensus Estimate of $2.54 and climbed 2.3% yr over yr.
Outcomes mirrored a year-over-year rise in revenues, aided by income progress throughout its service operations section. AMT recorded wholesome year-over-year natural tenant billings progress of 5.2% and complete tenant billings progress of 5.9%.
Be aware: Something associated to earnings introduced on this write-up represents funds from operations (FFO), a extensively used metric to gauge the efficiency of REITs.
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American Tower Corporation (AMT) : Free Stock Analysis Report
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