Iron Mountain: Q2 Earnings Snapshot
BOSTON (AP) _ Iron Mountain Inc. (IRM) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $270.9 million, or 93 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 92 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $200.1 million, or 68 cents per share.
The real estate investment trust, based in Boston, posted revenue of $1.29 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $1.3 billion.
Iron Mountain expects full-year funds from operations in the range of $3.70 to $3.82 per share, with revenue in the range of $5.13 billion to $5.28 billion.