Iron Mountain Incorporated (NYSE: IRM) has reported its financial results for the second quarter of 2024, revealing impressive growth across various key metrics. The company achieved a record quarterly revenue of $1.5 billion, representing a 13.0% increase from the same period in 2023. Excluding the impact of foreign currency exchange, total reported revenues increased by 13.8%, driven by an 11.5% rise in storage rental revenue and a substantial 17.3% increase in service revenue.
Net income for the second quarter surged to $34.6 million, compared to just $1.1 million in the second quarter of 2023. This represents a significant improvement, with year-to-date net income reaching $111.6 million, up from $66.7 million in the prior year, indicating a 67% increase.
Adjusted EBITDA for the second quarter also demonstrated strong growth, reaching $544.4 million, a 14.4% increase from the same period in 2023. On a constant currency basis, adjusted EBITDA increased by 15.1%, driven by revenue increases in global records and information management (RIM), asset lifecycle management (ALM), and data centers. Year to date, adjusted EBITDA increased by 13.8% on a constant currency basis.
The company's Funds from Operations (normalized) per share rose to $0.78 for the second quarter, compared to $0.71 in the second quarter of 2023, marking a 7.7% increase year over year. Additionally, Adjusted Funds from Operations (AFFO) for the second quarter reached $320.9 million, up 11.8% from the second quarter of 2023, driven by improved adjusted EBITDA. Year to date, AFFO increased to $644.6 million, a 10.7% rise from the prior year.
Iron Mountain also announced a 10% increase in its quarterly dividend per share, reflecting the company's confidence in its financial position and growth prospects. The third quarter 2024 dividend of $0.715 per share is payable on October 3, 2024, for shareholders of record on September 16, 2024.
Looking ahead, Iron Mountain affirmed its full year 2024 guidance and now expects to be towards the upper end of the full year 2024 guidance range, with total revenue projected to be between $6,000 and $6,150 million, adjusted EBITDA in the range of $2,175 to $2,225 million, AFFO between $1,300 and $1,335 million, and AFFO per share in the range of $4.39 to $4.51.
Iron Mountain continues to demonstrate strong financial performance and growth, driven by its strategic execution and focus on delivering value to its shareholders. The market has reacted to these announcements by moving the company's shares 1.3% to a price of $102.56. If you want to know more, read the company's complete 8-K report here.
