Rental revenues up at Mobile Mini

US-based portable storage rental company Mobile Mini has reported a positive third quarter, fuelled by increasing utilisation.

The company said revenues for the three months ended 30 September stood at US$133 million (€120 million) and rental revenues were US$125 million (€112 million), up from US$113 million (€102 million) and US$105 million (€94.3 million), respectively, for the same period last year.

Net income for the period slipped slightly to US$14 million (€12.6 million), from US$14.8 million (€13.3 million) a year ago.

Mobile Mini reported average utilisation of 70% for the third quarter, rising to 72.7% by the end of the period It added that it had increased portable storage rental rates by 3.7% year-on-year.

President and CEO Erik Olsson said, “I am very pleased with our performance overall and within both our individual portable storage and specialty containment businesses.

“Our portable storage business grew a strong 7.7% year-over-year, driven by increases in both units on rent and rental rates.

"The momentum we saw in the later part of the second quarter continued into the third quarter, with our North American sales force driving the highest number of quarterly portable storage activations in the company’s history, with core activations up 12% from the third quarter 2014. As a result, utilisation at the end of the quarter was a strong 72.7%.

“In our specialty containment business we continue to see good momentum in the downstream industrial segment and our overall specialty containment business generated US$11 million (€9.9 million) of adjusted EBITDA at a robust 40.4% margin.

“Given our increasing utilization we also added to our sales force and made incremental growth capital expenditures for high demand markets. We continue to leverage our infrastructure across our two business segments, and are well-positioned for continued growth.”