Mobile Mini (MINI) Misses Q2 EPS by 6c

Mobile Mini (NASDAQ: MINI) reported Q2 EPS of $0.28, $0.06 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $130.3 million versus the consensus estimate of $133.44 million.

CEO Comments

Erik Olsson, Mobile Mini’s President and Chief Executive Officer, remarked, “I’m very pleased with the performance and development of our business in the quarter. Within our North American portable storage business, our recently realigned sales force and operational teams achieved the highest monthly activations in the Company’s history in June, with core activations up 20% from June 2014. As a result, within our portable storage business we grew fleet on rent at June 30, 2015 more than 3% company-wide since the end of the first quarter and 2% year-over-year. Impressive internal sales productivity increases of 28% compared to the prior-year quarter drove the second quarter traction in activations. This momentum has continued into the first few weeks of July, with year-over-year activation increases in excess of 13%, resulting in the Company’s highest ever level of core units on rent.”

Mr. Olsson continued, “We have achieved success with our premium pricing strategy, as reflected in our 5.1% year-over-year rate increase this quarter. To achieve both rate and volume growth we are focused on continued development of our sales force and are actively recruiting representatives with a near-term goal of increasing the internal salesforce approximately 10%, or 20 employees. Our specialty containment business continued to do very well in the downstream market on a year over year basis, while facing continuing headwinds in the upstream market. As expected, the divestiture of our wood mobile office business is resulting in some short-term margin pressure as we incur additional costs and distraction in our field operations.”

For earnings history and earnings-related data on Mobile Mini (MINI) click here.

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