Why Iron Mountain Stock Jumped 20% in the First Half-Hour Today
Shares of Iron Mountain (NYSE: IRM), a real estate investment trust (REIT) specializing in document storage, gained nearly 20% in the first 30 minutes of trading on Thursday. There's little question about what got investors excited about the company, which has one of the most boring businesses in the world: It was earnings.
The core of Iron Mountain's operation is taking boxes filled with physical documents and placing them in long-term storage. This is not a high-growth business, but it is a very sticky one since most customers don't really want to go through the effort of moving their boxes to another storage company to save a few bucks. This business, and related operations, saw first-quarter net operating income increase by 2.1%. Adjusted EBITDA margins in this segment increased 230 basis points.
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Source Fool.com
