The CEO of Iron Mountain Inc IRM recently said he “dance my inflation dance” and “pray for inflation” because it would benefit from it the business and bottom line of the company.
Corresponding That Intercept, CEO of Iron Mountain William Meney told investors last month that Iron Mountain had benefited from the current economic scenario.
“If you look back in terms of what we’ve done in terms of pricing and yield management, we’ve achieved over 200 basis points in price gains during the zero-inflationary period,” he told investors. “And of course we have now been able to expand that considerably.”
However, Meaney said the company doesn’t take advantage of its customers and has urged consumers to “pay more of their fair share of the value we present.”
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“People are seeing what FedEx, UPS and others need to do to manage theirs shop and pass on that inflation‘ The Intercept quoted him as saying.
Previously CFO of Iron Mountain Barry A Hytinen said that “we have very strong pricing power,” and for the company, inflation is “actually a positive net.”
Hytinen added, “We sympathize with people” about inflation, but “we have a high gross margin business, so naturally it increases the margins of the business.”
Boston-based technology company Iron Mountain is a data storage and management company with a current market capitalization of $12 billion.
According to its website, over 95 percent of the Fortune 1,000 are Iron Mountain customers.
Photo: Gerd Altman from Pixabay
