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Iron Mountain revenues rise to $1.1B in Q2

Iron Mountain Inc. reported second-quarter revenues of $1.06 billion, up from $950 million in the year-ago period.

During the quarter, total revenues grew 10.8% year over year on a constant-dollar basis, reflecting full quarter of results from the company's recent data center purchases.

Net income during the three months totaled $94 million, up from $81 million year over year, while income from continuing operations reached $94 million as compared to $83 million in the second quarter of 2017.

Adjusted EBITDA for the period stood at $369 million, higher than $318 million a year earlier. The company attributed the rise to data center acquisitions and higher gross margins, among other factors.

Adjusted funds from operations came in at $230 million, an increase of 5.8% from $217 million in the comparable period.

Fully diluted EPS from continuing operations was 33 cents per share, compared to 30 cents in the prior year, while adjusted EPS remained flat at 30 cents. Funds from operations per share was 56 cents for the quarter, compared with 55 cents a year earlier.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 53 cents.

For the full-year 2018, the company maintains its guidance, and expects a revenue growth of 7% to 9%, adjusted EBITDA growth of 12% to 16%, and adjusted FFO growth of 5% to 13%.