Latin America key in Iron Mountain's Q1 international revenue expansion

Friday, April 29, 2011

Latin America contributed significantly to expanding US document management services (DMS) company Iron Mountain's (NYSE: IRM) international revenues during the first quarter of the year, company EVP and CFO Brian McKeon said in a conference call with investors.

"We saw year-on-year volume gains across all regions, supported by strong growth in expansion markets like Central Europe and Latin America," the executive said without providing hard numbers on geographical contribution to the company's revenues.

"International growth is continuing at a solid pace with volume up 6% year-on-year in the quarter," McKeon added.

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The executive also said that Iron Mountain is targeting a big improvement in international margins in 2011, supported by profit gains in the UK and expansion of operational excellence initiatives in Latin America.

The company posted net profits of US$73mn during the first quarter, nearly three times the US$26mn in the year-ago period, the company said in a statement.

Iron Mountain reported revenues of US$799mn in the quarter, climbing 3% compared to the year-ago period.

The company's capex in the first quarter of the year totaled US$38mn. Iron Mountain expects capital expenditures for the year to be approximately US$235mn.

The Boston-based firm also expects revenue growth in 2011 to be in the 3-5% range.

Founded in 1951, Iron Mountain manages billions of information assets, including business records, electronic files, medical data, emails and more for organizations around the world.