Fourth quarter revenues rise for Mobile Mini
By Helen Wright13 February 2015
US-based portable storage rental company Mobile Mini reported revenues of US$123 million (€108 million) for the fourth quarter of 2014, up from US$107 million (€93.6 million) in the last three months of 2013.
It said leasing revenues stood at US$113 million (€98.9 million) for the quarter, up from US$97.8 million (€85.6 million) a year ago. However, fourth quarter net income dropped to US$6 million (€5.2 million) from US$12 million (€10.5 million) a year ago.
Mobile Mini said other fourth quarter highlights included the fact that it increased portable storage rental rates by 7.6% year-on-year.
The company as embarked on an acquisition trail in recent months, completing a string of bolt-on deals.
In December last year, it bought Gulf Tanks Holdings, the parent company of Evergreen Tank Solutions, for US$450 million (€361 million); while December also saw it acquire an portable storage business in Buffalo, New York, US, for an undisclosed price.
These deals followed a flurry of other acquisitions last autumn, including un-named portable storage business with operations in Daytona Beach, Florida, for an undisclosed fee, and an unnamed portable storage business in Ft Wayne, Indiana, US, also for an undisclosed sum.
Mobile Mini president and CEO Erik Olsson said, “I am very pleased with the expansion of our adjusted EBITDA margins in the fourth quarter, as well as the momentum we have generated on portable storage pricing.
"I am also excited about the completion of the ETS Acquisition in the fourth quarter, which gives Mobile Mini an additional platform for growth in revenues and profits.”