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Iron Mountain Increases Midpoint Of 2021 Guidance

Iron Mountain Incorporated (IRM) reported record second-quarter results which reflected increased demand for its services across key markets. Based on the strong results, the company increased midpoint of its fiscal 2021 guidance.

For fiscal 2021, the company now expects AFFO per share in a range of $3.33 - $3.45, revised from its previous guidance range of $3.28 - $3.45. Total revenue is now expected to be $4.415 billion to $4.515 billion, revised from prior guidance range of $4.365 billion to $4.515 billion.

AFFO per share was $0.85 for the second quarter, compared with $0.87 prior year, a decrease of 2.5%. Excluding the tax refunds, AFFO per share would have increased 7.7%. Adjusted EPS was $0.38, compared with $0.27.

Net income for the second quarter was $276.5 million compared with a net loss of $7.1 million in the second quarter of 2020. Net income per share was $0.95, compared with a loss of $0.02.

Total reported revenues for the second quarter were $1.12 billion, compared with $982.2 million in the second quarter of 2020, an increase of 14.0%. Excluding the impact of foreign currency exchange, total reported revenues increased 10.2%.

The company's board declared a quarterly cash dividend of $0.6185 per share for the third quarter. The third-quarter dividend is payable on October 6, 2021, for shareholders of record on September 15, 2021.

Shares of Iron Mountain were up 1.7% in pre-market trade on Thursday.

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