Mobile Mini Q1 Profit Rises, Beats View

Portable storage solutions provider Mobile Mini, Inc. (MINI) Monday reported higher profit for the first quarter influenced by increased revenue from rental. Adjusted earnings per share was higher than the Street projection.

For the quarter, the company reported net income of $12.04 million or $0.26 per share, higher than prior-year net income of $5.21 or $0.12 per share.

On an adjusted basis, earnings for the period totaled $0.27 per share. Six analysts, on average, polled by Thomson Reuters estimated earnings per share of $0.22 for the quarter. Analyst estimates typically exclude one-time items.

For the three months, the company clocked revenue of $97.94 million, up from $88.75 million last year. Leasing contributed $85.06 million this year, higher than $78.44 million for the corresponding period a year earlier. Analysts on the other hand were looking for lower revenue of $93.89 million for the quarter.

Looking forward the firm said it expects to continue to generate comparable period growth in leasing revenues through the balance of 2013.

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