REIT Iron Mountain beats revenue estimates on strong data center demand

Reuters05-02

May 2 (Reuters) - Iron Mountain beat market expectations for first-quarter revenue on Thursday, as clients of the real estate investment trust spent more to develop data centers to cater to the growing need of handling large artificial intelligence workloads.

With more businesses upgrading their cloud infrastructure, bigger investments are made in data centers despite elevated borrowing costs and sticky inflation.

"Our consistent strong performance is evidence that our strategy, through Project Matterhorn, is working," Chief Executive Officer William Meaney said.

Iron Mountain unveiled Project Matterhorn in 2022 to increase its annual revenue to more than $7 billion by 2026 by attracting more business for its data centers and IT management services.

Iron Mountain reported first-quarter revenue of $1.48 billion, above the average analyst estimate of $1.45 billion, according to LSEG data.

But its funds from operations, a key measure of cash flow, came in at 74 cents per share, below analysts' estimate of 92 cents.

The company kept its annual revenue forecast unchanged at $6 billion to $6.15 billion.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shinjini Ganguli)

((Zaheer.Kachwala@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2432605657?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-05-02 21:05","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2432605657","market":"us","top_or_hot":-1,"title":"REIT Iron Mountain beats revenue estimates on strong data center demand","media":"Reuters","content":"<html><body><p>May 2 (Reuters) - Iron Mountain    beat market expectations for first-quarter revenue on Thursday, as clients of the real estate investment trust spent more to develop data centers to cater to the growing need of handling large artificial intelligence workloads.</p><p>   With more businesses upgrading their cloud infrastructure, bigger investments are made in data centers despite elevated borrowing costs and sticky inflation.</p><p>   \"Our consistent strong performance is evidence that our strategy, through Project Matterhorn, is working,\" Chief Executive Officer William Meaney said.</p><p>   Iron Mountain unveiled Project Matterhorn in 2022 to increase its annual revenue to more than $7 billion by 2026 by attracting more business for its data centers and IT management services.</p><p>   Iron Mountain reported first-quarter revenue of $1.48 billion, above the average analyst estimate of $1.45 billion, according to LSEG data. </p><p>   But its funds from operations, a key measure of cash flow, came in at 74 cents per share, below analysts' estimate of 92 cents.  </p><p>   The company kept its annual revenue forecast unchanged at $6 billion to $6.15 billion.   </p><p>(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shinjini Ganguli)</p><p>((Zaheer.Kachwala@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>REIT Iron Mountain beats revenue estimates on strong data center demand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nREIT Iron Mountain beats revenue estimates on strong data center demand\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-02 21:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>May 2 (Reuters) - Iron Mountain    beat market expectations for first-quarter revenue on Thursday, as clients of the real estate investment trust spent more to develop data centers to cater to the ...</p>\n\n<a href=\"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"REIT","symbol_name":"ALPS Active REIT ETF","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2432605657","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2432605657","pubTimestamp":1714655125,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"May 2  - Iron Mountain    beat market expectations for first-quarter revenue on Thursday, as clients of the real estate investment trust spent more to develop data centers to cater to the growing need of handling large artificial intelligence workloads.   With more businesses upgrading their cloud infrastructure, bigger investments are made in data centers despite elevated borrowing costs and sticky inflation.   \"Our consistent strong performance is evidence that our strategy, through Project Matterhorn, is working,\" Chief Executive Officer William Meaney said.   Iron Mountain unveiled Project Matterhorn in 2022 to increase its annual revenue to more than $7 billion by 2026 by attracting more business for its data centers and IT management services.   Iron Mountain reported first-quarter revenue of $1.48 billion, above the average analyst estimate of $1.45 billion, according to LSEG data.    But its funds from operations, a key measure of cash flow, came in at 74 cents per share, below","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"REIT":"ALPS Active REIT ETF","IRM":"爱恩铁山"},"translate_title":"REIT Iron Mountain因强劲的数据中心需求而超出收入预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IRM":1,"REIT":1},"content_text":"May 2 (Reuters) - Iron Mountain    beat market expectations for first-quarter revenue on Thursday, as clients of the real estate investment trust spent more to develop data centers to cater to the growing need of handling large artificial intelligence workloads.   With more businesses upgrading their cloud infrastructure, bigger investments are made in data centers despite elevated borrowing costs and sticky inflation.   \"Our consistent strong performance is evidence that our strategy, through Project Matterhorn, is working,\" Chief Executive Officer William Meaney said.   Iron Mountain unveiled Project Matterhorn in 2022 to increase its annual revenue to more than $7 billion by 2026 by attracting more business for its data centers and IT management services.   Iron Mountain reported first-quarter revenue of $1.48 billion, above the average analyst estimate of $1.45 billion, according to LSEG data.    But its funds from operations, a key measure of cash flow, came in at 74 cents per share, below analysts' estimate of 92 cents.     The company kept its annual revenue forecast unchanged at $6 billion to $6.15 billion.   (Reporting by Zaheer Kachwala in Bengaluru; Editing by Shinjini Ganguli)((Zaheer.Kachwala@thomsonreuters.com;))","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432605657"}