Mills hails strong Q3 results
14 November 2023
Brazil-based rental company Mills has released its financial results for the third quarter of 2023, revealing a 21.5% increase in net revenue.
The business posted R$280 million (€55 million) throughout the entirety of the quarter while rental revenue, which was responsible for 94% of growth, was up by 24.1% from 2022 at R$320 million (€60 million).
The company said the growth in rental revenue reflected its entry into the yellow line sector in September 2022, higher prices and better mix of equipment.
Meanwhile, the company reported record consolidated adjusted EBITDA of R$178 million (€33 million), an increase of 30.2%.
Sales revenue reached R$18 million (€3 million), up by 12.9%. Mills said this was down to “higher price and the sales mix of used equipment.”
The third quarter also saw Mills increase its fleet to the tune of 14.9%, adding almost 1,500 pieces of equipment since the same period in 2022. Its heavy equipment fleet also saw significant growth and almost quadrupled by fleet size.
For its light equipment segment, the company said it is focused on “readjusting the fleet mix to better meet demand” during the quarter.
Sergio Kariya, CEO, Mills, said, “Looking at our achievements in 2023, we are confident in the stronger economic activity for the vast majority of Brazilian sectors and in the engagement and effort of our team.
“We will remain focused on positioning ourselves as a company that delights our partners, aiming to create long-term value for our customers and shareholders through the sustainable growth of our company.”