Iron Mountain (IRM) to Post Q2 Earnings: What's in Store?

Core Insights - Iron Mountain's FFO per share has surpassed the Zacks Consensus Estimate three times over the trailing four quarters, with an average beat of 2.64% [1] - The company is expected to report second-quarter 2024 results on August 1, with anticipated year-over-year growth in revenues and FFO per share [6] Revenue Expectations - The consensus estimate for total quarterly revenues is $1.51 billion, reflecting a 10.8% increase from the prior year [2] - Storage rental revenues are estimated at $899.2 million, indicating an 8.2% increase year-over-year, while service revenues are projected at $605.1 million, a rise of 14.8% from the previous year [8] Performance Indicators - The Zacks Consensus Estimate for AFFO per share is $1.06, suggesting a growth of 12.8% from the year-ago quarter [9] - Iron Mountain's diversified tenant and revenue base across various industries is expected to contribute to stable revenues during the quarter [13] Cost Considerations - Higher interest rates are anticipated to negatively impact the company, with estimated interest expenses rising by 8.9% year-over-year [14] Earnings Predictions - The company has an Earnings ESP of 0.00% and a Zacks Rank of 2, indicating a neutral outlook for FFO surprises this quarter [10][15] - In the last reported quarter, Iron Mountain achieved a surprise of 4.8% in adjusted FFO per share, driven by strong performance in storage and service segments [17] Future Projections - For the second quarter, Iron Mountain projects revenues of approximately $1.5 billion and adjusted EBITDA of around $535 million [19] - The expected AFFO per share for the second quarter is $1.05 [20]