Iron Mountain Inc. Earnings: Net Income Declines Year-Over-Year

S&P 500 (NYSE:SPY) component Iron Mountain Inc. (NYSE:IRM) reported its results for the first quarter. Iron Mountain provides information protection and storage services to clients throughout the globe.

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Iron Mountain Earnings Cheat Sheet for the First Quarter

Results: Net income for Iron Mountain Inc. fell to $55.4 million (32 cents per share) vs. $73.5 million (37 cents per share) a year earlier. This is a decline of 24.7% from the year-earlier quarter.

Revenue: Remained constant at $746.5 million.

Actual vs. Wall St. Expectations: Iron Mountain Inc. 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. Analysts were expecting revenue of $749.6 million.

Quoting Management: “2012 is off to a good start supported by continued solid storage revenue growth,” said Richard Reese, Iron Mountain’s Chairman and Chief Executive Officer. “North America performed as planned, sustaining high returns and our overall financial performance was again highlighted by strong results in our International business. We drove higher Adjusted OIBDA margins in that segment, supported by strong gains in Latin America and Western European markets. Consistent with our strategy to attain market leadership in high-growth emerging markets, we acquired Store, a leading records management business in Brazil. This is a great business in an important market that will help drive growth and returns in our international business.”

Key Stats:

The company met estimates last quarter after toppling them in the two previous quarters. In the fourth quarter of the last fiscal year, it topped the mark by 3 cents, and in the third quarter of the last fiscal year, it was ahead by 3 cents.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 33 cents a share to 32 cents over the last ninety days. In the last thirty days, the average estimate for the fiscal year has moved up from $1.31 per share to $1.32.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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