Iron Mountain Q2 Profit Down, Below Estimates; Lowers Annual Targets

(RTTNews) - Iron Mountain Incorporated (IRM), dealing in storing and protecting information assets such as business documents, electronic files, medical data, etc., Thursday reported a decrease in net income for the second quarter, reflecting higher operating expenses. Earnings fell shy of the Street estimates. The company also lowered its full-year outlook, expecting foreign currency exchange rate changes to hurt results.

Net Income Attributable to Iron Mountain Incorporated was $26.5 million or $0.14 per share, compared with $38.05 million or $0.22 per share during the same quarter last year.

Adjusted earnings per share decreased to $0.29 per share from $0.37 per share last year, mainly due to an additional 20 million shares outstanding, higher interest expense and the legal accrual. On average, nine analysts polled by Thomson Reuters expected earnings per share of $0.31 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the three-month period, however, edged up to $754.7 million, from prior year's $752.1 million. The Street estimated the company to generate revenues of $763.55 million.

For the full-year, the company trimmed its forecasts. Currently it expects revenues in the range $3 billion - $3.05 billion, down from $3.02 billion - $3.10 billion, and adjusted earnings of $1.05 per share - $1.14 per share, from previous expectations of $1.13 per share - $1.24 per share.

Analysts expect the company to report earnings of $1.17 per share on revenues of$3.05 billion.