Shares of Mobile Mini (NASDAQ:MINI) jumped on Tuesday after the supplier of portable storage solutions reported its first-quarter results. The company beat analyst estimates across the board, with both the storage solutions and the tank & pump solutions businesses posting growth. The stock was up about 10% at 11:45 a.m. EDT.
Mobile Mini reported first-quarter revenue of $149.7 million, up 6.4% year over year and about $2 higher than the average analyst estimate. Rental revenue totaled $142.2 million, up 7.5% year over year. Storage solutions accounted for $112.7 million of rental revenue, while tank & pump solutions generated $29.4 million of rental revenue.
Non-GAAP earnings per share came in at $0.41, up from $0.33 in the prior-year period and $0.03 better than analysts were expecting. Adjusted EBITDA grew 15.8% year over year, with the tank & pump solutions segment producing 35.3% adjusted EBITDA growth.
Mobile Mini expects the tank & pump business to perform well for the rest of 2019. The North American storage business is also on pace to grow this year, with pending orders tracking well above prior-year levels.
"Overall, North American economic indicators are positive, and for 2019 rental revenue growth we expect to exceed our Evergreen target, while delivering margin expansion, strong free cash flow, and meaningful de-leveraging," said CEO Erik Olsson.