Summary by Moomoo AI
Iron Mountain reported strong Q2 2024 financial results with total revenue increasing 13% to $1.53 billion, driven by 10.7% growth in storage rental revenue to $919.7 million and 16.6% growth in service revenue to $614.7 million. Adjusted EBITDA rose 14.4% to $544.4 million with margin expanding to 35.5%. Net income improved significantly to $34.6 million compared to $1.1 million in Q2 2023.The Global Data Center Business segment delivered exceptional performance with revenue growing 29.4% to $152.7 million, primarily due to 32.8% growth in storage rental revenue from new lease commencements and improved pricing. The Global RIM Business segment revenue increased 7.8% to $1.25 billion, benefiting from revenue management initiatives and increased service activity levels.Looking ahead, the company continues to execute its Project Matterhorn transformation program aimed at accelerating growth, with expected costs of approximately $150 million annually through 2025. Iron Mountain expanded its data center footprint by entering new credit agreements for Virginia facilities and increased its quarterly dividend by 10% to $0.715 per share. The company maintains a strong liquidity position with $1.5 billion available under its revolving credit facility.
