Summary by Moomoo AI
Iron Mountain achieved record quarterly revenue of $1.5B and Adjusted EBITDA of $544M in Q2 2024, up 13% and 14% YoY respectively. Storage rental revenue grew 11% to $920M, while service revenue increased 17% to $615M.Net income rose to $35M from $1M in Q2 2023. The data center business leased 66 megawatts, prompting an increase in the full-year projection to 130 megawatts. Iron Mountain now expects to be towards the upper end of its full-year 2024 guidance range.The company increased its quarterly dividend by 10% to $0.715 per share, payable on October 3, 2024. Management cited strong execution of growth strategy and progress towards Project Matterhorn targets as key drivers of performance.
