Iron Mountain: 2Q Earnings Snapshot
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BOSTON (AP) _ Iron Mountain Inc. (IRM) on Friday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $160.3 million, or 56 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 53 cents per share.
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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 $93.4 million, or 33 cents per share.
The information management company that is converting a real-estate investment trust, based in Boston, posted revenue of $1.06 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.04 billion.
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The company's shares have declined 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. The stock has increased slightly more than 1 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on IRM at https://www.zacks.com/ap/IRM