Research Desk Line-up: Citrix Systems Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 6, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Iron Mountain Inc. (NYSE: IRM), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=IRM, following the Company's release of its third quarter fiscal 2017 financial results on October 24, 2017. The Boston based real estate investment trust's revenue grew 2.4% on a y-o-y basis, topping market expectations, while it also reiterated forecasts for FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Business Software & Services industry. Pro-TD has currently selected Citrix Systems, Inc. (NASDAQ: CTXS) for due-diligence and potential coverage as the Company reported on October 25, 2017, its financial results for Q3 FY17 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Citrix Systems when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on IRM; also brushing on CTXS. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/'symbol=IRM
http://protraderdaily.com/optin/'symbol=CTXS
Earnings Reviewed
For the three months ended September 30, 2017, Iron Mountain's total revenues, on a reported basis, were $966 million compared to $943 million in Q3 2016. On a constant dollar (C$) basis, the Company's total revenues grew 1.4% on a y-o-y basis. Iron Mountain's revenue numbers beat analysts' estimates of $960.99 million.
For Q3 2017, Iron Mountain's gross profit margin improved 210 basis points y-o-y, primarily driven by synergies from the Recall acquisition and the flow-through of the Company's revenue management program, partly offset by a $3.5 million charge associated with the natural disasters. Iron Mountain's service segment's gross profit improved by $10 million to $102 million on a y-o-y basis.
Iron Mountain's income from continuing operations totaled $25 million for Q3 2017 compared to $6 million in Q3 2016. The Company's income from continuing operations included $18 million of Recall Costs in the reported quarter compared to $34 million in the year-ago corresponding period. For Q3 2017, Iron Mountain's income from continuing operations included $48 million of debt extinguishment charges associated with the US and Canadian's debt refinancing activity.
During Q3 2017, Iron Mountain's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA), on a reported dollar basis, was $323 million compared to $294 million in Q3 2016. On a C$ basis, the Company's adjusted EBITDA increased by 8% reflecting higher margins associated with cost synergies from the Recall acquisition as well as the Company's Transformation Initiative.
For Q3 2017, Iron Mountain reported net income of $24 million compared to $8 million in Q3 2016. For the reported quarter, the Company's fully diluted earnings per share from continuing operations were $0.10 versus $0.02 for the year-earlier comparable quarter. Iron Mountain's growth in reported EPS was driven by improved margins and lower Recall Costs in 2017, partially offset by the $48 million of debt extinguishment charges.
The Company's adjusted EPS was $0.31 for Q3 2017 compared to $0.27 in Q3 2016, reflecting an increase of 15%. Iron Mountain's adjusted EPS for the reported quarter reflected a structural tax rate of 21.5% compared to a structural tax rate of 18.6% in the year-ago same period.
Iron Mountain's normalized funds from operations (FFO) was $147.37 million, or $0.55 per share, for Q3 2017 compared to FFO of $131.82 million, or $0.50 per share, in Q3 2016. The Company's FFO number fell short of Wall Street's expectations of $0.56 per share.
Dividend
Based upon the continued demonstration of growth and durability of cash flows, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.5875 per share for Q4 2017, up 6.8% from Q3 2017 dividend per share of $0.5500, payable on January 02, 2018, to shareholders of record at the close of business on December 15, 2017.
Guidance
For FY17, Iron Mountain is forecasting revenue in the range of $3.75 billion to $3.84 billion, reflecting growth of 8-10% on a y-o-y basis. The Company is expecting adjusted EPS in the band of $1.15 to $1.25 for FY17, reflecting growth of 8-18%.
Stock Performance
Iron Mountain's share price finished last Friday's trading session at $40.12, marginally advancing 0.58%. A total volume of 594.15 thousand shares have exchanged hands. The Company's stock price surged 8.08% in the last three months, 14.96% in the past six months, and 24.98% in the previous twelve months. Additionally, the stock rallied 23.52% since the start of the year. Shares of the Company have a PE ratio of 49.71 and have a dividend yield of 5.86%. The stock currently has a market cap of $10.65 billion.
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