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Iron Mountain Reports Second Quarter 2018 Results
Financial Performance Highlights for the Second Quarter and Year-to-date 2018
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Total reported Revenues for the second quarter were
$1,061 million in 2018, compared with$950 million in 2017. On a constant dollar (C$) basis, Total Revenues grew 10.8% compared to the prior year, reflecting a full quarter of results from recent data center acquisitions not included in the 2017 period. Year to date, Total reported Revenues were$2.10 billion , compared with$1.89 billion in 2017, an increase of 9.4% on a C$ basis. -
Income from Continuing Operations for the second quarter was
$94 million , compared with$83 million in the second quarter of 2017. Income from Continuing Operations included$10 million of significant acquisition costs in the second quarter of 2018, compared with$20 million in the second quarter of 2017. Year to date, Income from Continuing Operations was$140 million , compared with$142 million in 2017, with significant acquisition costs of$29 million in 2018 and$41 million in 2017. -
On a reported dollar basis, Adjusted EBITDA for the second quarter was
$369 million , compared with$318 million in 2017. On a C$ basis, Adjusted EBITDA increased by 14.8% reflecting the data center acquisitions noted above, and higher margins associated with cost synergies resulting from the Recall acquisition as well as the company's Transformation Initiative. Year to date, Adjusted EBITDA was$712 million , compared with$611 million in 2017, an increase of 14.4% on a C$ basis. -
Reported EPS - Fully Diluted from Continuing Operations for the second quarter was
$0.33 compared with$0.30 for the second quarter of 2017. Year to date, Reported EPS - Fully Diluted from Continuing Operations was$0.49 compared with$0.53 in 2017. Reported EPS in 2018 was impacted by increased interest, depreciation and amortization expense related to the recent data center acquisitions, while reported EPS in 2017 included a gain on sale of the company's business inRussia andUkraine . -
Adjusted EPS for the second quarter was
$0.30 , flat compared with$0.30 in 2017. Adjusted EPS for the second quarter of 2018 reflects a structural tax rate of 21.8%, compared with a structural tax rate of 21.3% in 2017. Year to date, Adjusted EPS was$0.54 , flat compared with$0.54 in 2017. -
Net Income for the second quarter was
$94 million compared with$81 million in 2017, reflecting impacts from the data center acquisitions noted above. Year to date, Net Income was$139 million compared with$140 million in 2017. -
FFO (Normalized) per share was
$0.56 for the second quarter, compared with$0.55 in 2017. Year to date, FFO (Normalized) per share was$1.05 , compared with$1.03 in 2017. -
AFFO was
$230 million for the second quarter compared with$217 million in 2017, an increase of 5.8%. Year to date, AFFO was$451 million , compared with$388 million in 2017.
Guidance
- The company maintained its 2018 full year guidance. The Company expects, on a constant dollar basis, Revenue growth of 7% to 9%, Adjusted EBITDA growth of 12% to 16% and AFFO growth of 5% to 13% for full year 2018. Guidance details are available on Page 6 of supplemental financial information.
Forward Looking Statement
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the safe-harbor created by such Act. Forward-looking statements include, but are not, limited to, our financial performance outlook and statements concerning our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as 2018 guidance, and statements about our investment and other goals. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When we use words such as "believes," "expects," "anticipates," "estimates" or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability to remain qualified for taxation as a real estate investment trust for
About Iron Mountain
Investor Relations Contacts: |
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Senior Vice President, Investor Relations |
Director, Investor Relations |
(617) 535-8595 |
(617) 535-8577 |
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Media Contacts: |
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Christian T. Potts |
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Director, Corporate Communications |
Weber Shandwick |
(617) 535-8721 |
(212) 445-8082 |
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