Rental results down for Mobile Mini
By Joe Malone23 October 2017
US-based portable storage and containment rental company Mobile Mini has reported a year-on-year decrease of 4.6% in its rental revenues for the third quarter of 2017.
A figure of US$121.8 million (€103.80 million) was recorded by Mobile Mini, down from US$127.7 million (€108.82 million) a year earlier.
However, the company’s group sales were up to US$136.6 million for the quarter (€116.41 million), representing an increase of 6% year-on-year.
Rental revenues for its Storage Solutions and Tank & Pump Solutions businesses came in at US$104.5 million (€89.05 million) and US$23.2 million (€19.77 million) for the quarter.
Mobile Mini’s net income did, however, drop to US$11.2 million (€9.54 million) from US$12.7 million (€10.82 million) – a decrease of 11.8% year-on-year.
Erik Olsson, Mobile Mini’s president and CEO, said, “I am very pleased with the performance of both our business segments this quarter.
“Within the Storage Solutions segment we drove both higher rate and volume, resulting in a strong 7% increase in rental revenue. We also leveraged our broad footprint and fleet capacity to partner with our national account customers to initiate an earlier start to our seasonal holiday business with great results.”
Olsson added that within the Tank & Pump segment, demand and performance had stabilised and improved during 2017, with even further increased activity in the second half of the current quarter.
He said the company expected to see increased demand in the near term as some of its downstream customers were now engaging in turnaround and maintenance activities that had been previously deferred.
He added, “Our business segments are rapidly improving and we are generating great momentum as we head into the fourth quarter.
“Given the positive trends in performance, the company has recorded increased variable compensation in the third quarter and throughout the year, mitigating the profit flow through.”