Iron Mountain Q4 Profit Increases; Reiterates 2014 Outlook - Quick Facts

(RTTNews) - Iron Mountain Inc. (IRM), the storage and information management services company, said that its fourth-quarter of fiscal 2013 net income attributable to the company significantly increased to $47.27 million or $0.25 per share, from $25.49 million or $0.14 per share in the same quarter last year.

Adjusted earnings from continuing operations FD was $0.15 per share, down from $0.20 per share, in 2012.

Adjusted OIBDA was $195 million, compared with $207 million in 2012.

Fourth quarter Adjusted OIBDA was reduced by approximately $19 million, related to the company's organizational realignment. The company previously estimated these charges would total $30 million, and additional charges of approximately $7 million related to this realignment are expected to be recognized in 2014. Excluding the restructuring charge and related tax impacts, fourth quarter Adjusted earnings per share would have been $0.22 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Total reported revenues for the fourth quarter were $768.53 million, up from $758.47 million in 2012. Nine analysts had consensus revenue estimate of $775.44 million for the quarter. On a constant dollar basis, total revenue growth for the quarter was 2.7%, reflecting storage rental revenue gains of 4.9%, offset by modest service revenue declines of 0.4%.

The company reiterated its 2014 full-year guidance for Revenues, Adjusted OIBDA and Adjusted EPS. This guidance is based on current expectations and does not include the potential impact of any future acquisitions, divestitures, or costs and expenditures associated with the proposed REIT.

The company still expects fiscal 2014 adjusted earnings per share to be in the range of $1.03- $1.14 revenues of $3.090 billion-$3.170 billion, and Adjusted OIBDA of $930 million - $960 million. Street currently is looking for fiscal year 2014 earnings of $1.11 per share on annual revenues of $3.12 billion.