Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of portable storage company Mobile Mini (MINI) fell as much as 20% in early trading after reporting earnings.
So what: Revenue rose 4.6% from a year ago to $97.5 million but fell short of Wall Street's $99.2 million consensus estimate. On an adjusted basis earnings per share were $0.25, a penny worse than estimates.
Now what: During the quarter the company took a $40.3 million impairment to liquidate assets that were non-core or too expensive to repair. This helped it improve utilization but didn't help the top-line results. I'll definitely be sitting out the drop today because 4.6% growth just isn't enough to get me excited about a company trading at 35 times earnings.
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