Shares of Mobile Mini (NASDAQ:MINI) have popped today, up by 12% as of 11:30 a.m. EST, after the company reported better-than-expected fourth-quarter earnings results. Mobile Mini beat Street expectations for both the top and bottom lines.
Revenue in the fourth quarter was $146.7 million, which translated into record net income of $92.1 million, or $2.07 per share, once it reached the bottom line. On a non-GAAP basis, EPS was $0.41. Analysts were expecting sales of $141.7 million and adjusted earnings per share of $0.36. Business is picking up within the energy sector.
Adjusted EBITDA for the quarter was $55.6 million, and Mobile Mini generated $18.2 million in free cash flow.
"The fourth quarter of 2017 was exceptional for both of our business segments. In addition to the wide-spread pick up across our Tank & Pump segment, our downstream customers began the turnaround and maintenance activities that had been previously deferred, resulting in a 14.2% year-over-year increase in Tank & Pump Solutions fourth quarter rental revenue," CEO Erik Olsson said in a statement. "Within Storage Solutions, we saw record-high seasonal rentals, as well as healthy growth in our core business."
The company expects its consolidated effective tax rate for 2018 to be 24% to 26% following recent tax reform.