S&P 500 (NYSE:SPY) component Iron Mountain Inc. (NYSE:IRM) reported a profit boost in the second quarter. Iron Mountain Inc. provides information protection and storage services to clients throughout the globe.
Iron Mountain Earnings Cheat Sheet for the Second Quarter
Results: Net income for Iron Mountain Inc. rose to $253 million (32 cents per share) vs. $41.3 million (20 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.
Revenue: Rose 5% to $763 million from the year earlier quarter.
Actual vs. Wall St. Expectations: IRM reported adjusted net income of 29 cents per share. By that measure, the company fell in line with the mean estimate of 29 cents per share. It fell short of the average revenue estimate of $806.7 million.
Quoting Management: “Our business continues to perform well. We posted solid storage revenue growth this quarter while driving operational efficiencies and strong profitability, particularly in our International segment. We remain on track to meet our goals for 2011,” said Richard Reese, Iron Mountain’s Chairman and Chief Executive Officer
A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the second quarter of the last fiscal year, which saw revenue rise 4.5%.
The company fell in line with estimates last quarter after missing forecasts in the previous quarter with net income of 26 cents versus a mean estimate of net income of 27 cents per share.
Competitors to Watch: Equifax Inc. (NYSE:EFX), Moody’s Corporation (NYSE:MCO), FTI Consulting, Inc. (NYSE:FCN), The Dun & Bradstreet Corp. (NYSE:DNB), Volt Information Sciences, Inc. (NYSE:VOL), CTPartners Executive Search Inc (AMEX:CTP), Intersections Inc. (NASDAQ:INTX), Cintas Corporation (NASDAQ:CTAS), Towers Watson & Co (NYSE:TW).
(Source: Xignite Financials)