US-based portable storage and containment rental company Mobile Mini reported total revenues for the first three months of 2016 of US$125 million (€110 million), of which rental revenues stood at US$117 million (€103 million).
This compared to total revenues of US$133 million (€117 million) for the first quarter of last year, of which rental revenues were US$123 million (€109 million). Mobile Mini pointed out that its 2015 first quarter revenue figure included US$11.3 million (€10 million) associated with the wood mobile office business that it sold last summer.
First quarter 2016 net income totalled US$11 million (€9.7 million), reversing the US$27.3 million (€24 million) loss the company reported for the same period in 2015.
CEO Erik Olsson said, “We delivered growth in our portable storage business, including a 7.3% rental revenue increase as compared to prior year.
"In our portable storage segment, North American units on rent as of the end of the quarter are up a strong 3.9% year-over-year, rates increased a solid 2.3% year-over-year and adjusted EBITDA margin reached 37.8% for the quarter.
“This demonstrates that the growth we are achieving in our more profitable container and ground-level office business is replacing the wood mobile business we strategically divested in May 2015.
“We generated 6.2% year-over-year rental revenue growth for the combined downstream and diversified segments of our specialty containment business. This growth was offset by the ongoing challenges in the upstream oil and gas industry, leading to the overall 2% year-over-year decrease in specialty containment rental revenue.
“We are well-positioned to expand our downstream specialty containment footprint, and demand remains strong in both our downstream and diversified customer bases.
"In addition, demand in the construction industry, which represents just over 40% of our combined portable storage and specialty business, remains robust and our overall outlook for the year remains unchanged.”