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Omar Venerio
Omar Venerio
Articles (1746) 

Wednesday Morning Market Highlights

Markets up, shares of Iron Mountain advance on earnings

U.S. Markets

U.S. stocks were up on Wednesday morning. The Dow gained 0.94% to 31,832, the S&P 500 index rose 0.81% to 3,911 and the Nasdaq Composite Index was up 0.60% to 13,545.

Gainers

  • Norwegian Cruise Line Holdings Ltd. (NCLH) +8.4%
  • Marathon Oil Corp. (NYSE:MRO) +8.2%
  • Occidental Petroleum Corp. (NYSE:OXY) +8.9%
  • Boeing Co. (NYSE:BA) +5.9%
  • Carnival Corp. (NYSE:CCL) +4.9%

Losers

Global markets

The main European stock markets traded in the green.The U.K.'s FTSE 100 rose 0.50%, Germany's Dax increased 0.80%, France's CAC 40 gained 0.31% and Spain's Ibex 35 was up 0.21%.

In Asia, Japan's Nikkei 225 fell 1.61%, India's BSE Sensex rose 2.07%, Hong Kong's Hang Seng lost 2.99% and China's Shanghai Composite was down 1.99%.

Iron Mountain releases earnings report

Shares of Iron Mountain Inc. (NYSE:IRM) jumped more than 4% on Wednesday morning after the company announced financial results for the fourth quarter and full-year 2020.

Total revenue for the quarter was $1.06 billion, down 1.8% from $1.08 billion in the same quarter of 2019. For the full year, total revenue decreased 2.7%.

Further, income from continuing operations was $246.8 million, higher than $37.1 million in the fourth quarter of the previous year. For the full year, it was $343.1 million, compared with $268.2 million in 2019.

The adjusted Ebitda was $374.2 million, compared with $393.1 million in the fourth quarter of 2019, a decrease of 4.8%. For the full year, adjusted EBITDA was $1.48 billion, up 0.5% from $1.47 billion the year prior.

Iron Mountain reported adjusted earnings per share for the fourth quarter of 29 cents, compared with 33 cents in the same quarter of 2019. For the full year, adjusted earnings were $1.19 per share, up from $1.11 in 2019.

President and CEO William L. Meaney had the following to say:

"Throughout the pandemic, we were laser focused on execution and controlling those factors that we could, leading to outperformance against our own internal expectations through the last three quarters of 2020. This resulted in continued strength in total storage rental revenue, which grew nearly 4% on a constant-currency basis and 2.4% organically in 2020. Service revenue declines continued to offset the strong storage performance. Importantly, we grew Adjusted EBITDA 1.3% when adjusting for currency, whilst our margin expanded 110 basis points."

Iron Mountain shares have advanced 19.3% since the beginning of the year versus the S&P 500's gain of 5.7%.

At the end of December, Joel Greenblatt (Trades, Portfolio) sold out the stock.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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