Mobile Mini (MINI) Tops Q3 EPS by 2c

Mobile Mini (NASDAQ: MINI) reported Q3 EPS of $0.51, $0.02 better than the analyst estimate of $0.49. Revenue for the quarter came in at $153.5 million versus the consensus estimate of $158.33 million.

Kelly Williams, Mobile Mini’s President and Chief Executive Officer, remarked, “I am very pleased with the performance of Mobile Mini in the third quarter of 2019. Throughout the company, the processes we have implemented to drive efficiencies, combined with higher rental revenues, drove a $6.2 million, or 11.3%, increase in consolidated adjusted EBITDA, with an adjusted EBITDA margin in excess of our 40% Evergreen target, a notable achievement. The strong increase in profitability reflects top-line growth and margin expansion in both our North American segments. North American Storage Solutions rental revenues were up compared to the prior-year quarter by a healthy 6.3%, driven primarily by increased rates as well as favorable mix. Revenues in our Tank & Pump Solutions downstream business continued to grow year-over-year, despite a difficult comparison to a very strong prior-year quarter. The downstream market is now settling into more normalized activity.”

Mr. Williams continued, “Over the past several years we have transformed Mobile Mini into a significantly more efficient, scalable organization. The transformation includes substantial development of our technology capabilities and enhancements throughout our supply chain, including asset management. We are now better positioned than at any time in our Company’s history to drive profitable growth and generate shareholder value through the highly effective execution of our business strategy and the optimal deployment of capital. During the nine months ended September 30, 2019 we generated $92 million of free cash flow. This robust cash flow enables us to reinvest in the business, reduce our leverage ratio and return capital to our shareholders through dividends and opportunistic stock repurchases. In addition to organic growth in existing locations, we plan to drive multi-year growth for Mobile Mini both through acquisitions in our Storage Solutions business and greenfield expansion into attractive new geographic markets for both business segments. Importantly, we expect to continue to grow adjusted EBITDA and generate very strong free cash flow for the remainder of 2019 and into 2020.”

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

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