Mobile Mini MINI reported EPS of $0.13, just below consensus $0.14.
Oppenheimer analysts said, "Leasing & total revenues were greater than expected, but higher L,G&A partially offset. Notably, utilization improved to 53.3% at the end of 2Q10 vs. 52.1% at the end of 1Q10. The number of units going out on rent continued to exceed units returned—a positive indicator for utilization. Additionally, MINI successfully instituted a price increase to customers renting storage units (for a year or more) in March, which contributed to yield up 4.1% y/y and 5.2% q/q. We believe MINI is well positioned to leverage increasing economic activity, with considerable upside generated from higher utilization and minimal incremental expense/capex needs."
Mobile Mini is rated Outperform with a price target of $25.00.
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