Mobile Mini Profits Fall, Misses Estimates (MINI)

Mobile Mini, Inc. MINI announced on Thursday morning that it missed consensus Wall Street estimates. Mobile Mini, Inc reported that its 3rd quarter net income fell to $5.5 million, or 12 cents per share, from $8.1 million, or 19 cents per share, a year earlier. Excluding special items, the company's earnings came in at 14 cents per share. Revenue fell to $75.6 million, down from $82.1 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 16 cents per share, on revenue of $84.18 million. Chairman, president & CEO Steven Bunger said, “The sequential quarterly gains we reported in the second quarter of 2010 continued in this latest reporting period, as total revenues and adjusted EBITDA for the 2010 third quarter rose by 3.4% and 3.1%, respectively, from the second quarter of 2010. The increase in revenues was driven by more units on rent, higher yields and greater trucking revenues related to the delivery of units to customers. The strengthening of our core business and the deployment of lease assets to our three new locations contributed to the upturn in utilization, which was 54.1% at September 30th, 53.3% at June 30th and 52.1% at March 31st. The favorable trends in yield have continued and in the current third quarter, yield rose 2.3% compared to the 2010 second quarter, and 2.7% from the same period in 2009.” Mobile Mini, Inc. (MINI) closed the previous trading day at $17.87 per share. Analysts covering the company's stock give it a consensus price target of $20.80 per share. Read more from Benzinga's Company news.