Research Desk Line-up: Packaging Corp. of America Post Earnings Coverage

LONDON, UK / ACCESSWIRE / July 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Mobile Mini, Inc. (NASDAQ: MINI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=MINI, following the Company's reporting of its second quarter fiscal 2017 earnings results on July 27, 2017. Mobile Mini, which is a leading supplier of portable storage solutions and a leading provider of tank and pump solutions in the United States, outperformed revenue expectations. The Company also announced dividend. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at: http://protraderdaily.com/register/.

Get more of our free earnings reports coverage from other constituents of the Packaging & Containers industry. Pro-TD has currently selected Packaging Corporation of America (NYSE: PKG) for due-diligence and potential coverage as the Company reported on July 27, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Packaging Corp. of America when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on MINI; also brushing on PKG. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=MINI
http://protraderdaily.com/optin/?symbol=PKG

Earnings Reviewed

For the quarter ended June 30, 2017, Mobile Mini reported total revenues of $126.7 million, compared to revenue of $124.8 million in Q2 2016. The Company's revenue numbers surpassed analysts' expectations of $126.1 million.

During Q2 2017, Mobile Mini's rental revenues were $117.9 million, compared to $116.8 million for Q2 2016. The Company's rental revenues for the Storage Solutions and Tank & Pump Solutions businesses for the reported quarter were $95.5 million and $22.4 million, respectively.

Mobile Mini's adjusted EBITDA was $42.0 million and adjusted EBITDA margin was 33.1% for Q2 2017.

Mobile Mini recorded net income of $8.8 million, or $0.20 per diluted share, in Q2 2017, compared to net income of $4.1 million, or $0.09 per diluted share, for Q2 2016. On an adjusted basis, the Company's net income for the reported quarter was $10.4 million, or $0.24 per diluted share, compared to adjusted net income of $11.1 million, or $0.25 per diluted share, for the prior year's same quarter. Mobile Mini's earnings fell short of Wall Street's expectation of $0.26 per share.

Segment Results

During Q2 2017, Mobile Mini drove the highest number of North America Storage Solutions core activations in Company's history, representing an increase of 12.0% on a y-o-y basis. The Company also achieved total y-o-y rate increases of 2.6% in Storage Solutions, resulting in strong y-o-y growth of 3.9% in rental revenues for that business.

Within Mobile Mini's Tank & Pump Solutions business, rental revenues grew sequentially in all three customer segments, resulting in an overall increase of 6.8%. The 1.3% decrease on a y-o-y basis in Tank & Pump Solutions rental revenue resulted primarily from deferred maintenance activity at some of the Company's downstream customers.

For Q2 2017, Mobile Mini increased average Storage Solutions utilization to 69%, driven by second quarter North American core activations growth. This increased deliveries resulted in Storage Solutions average Q2 2017 units on rent being up 4.3% y-o-y. The Company's OEC utilization for the reported quarter was up 100 basis points y-o-y and 260 basis points sequentially, driven by more projects and activities in the Company's diversified and upstream customer segment. Mobile Mini's downstream OEC utilization was 67.9% and consistent on a sequential basis.

Cash Matters

During Q2 2017, Mobile Mini generated net cash from operating activities of $30.5 million, while its free cash flow totaled $15 million for the reported quarter, marking its 38th consecutive quarter of positive free cash flow.

Mobile Mini returned $10 million in dividends and repurchased $300,000 in shares in Q2 2017. The Company's net CapEx totaled $15.6 million in the reported quarter, out of which Mobile Mini invested $11.4 million in growth CapEx for a lease fleet, the vast majority and high demand in the storage market in the Eastern US and the UK. For FY17, Mobile Mini is forecasting to spend approximately $50 million in total net CapEx, including assets funded under capital leases.

Mobile Mini stated that in the last 1.5 years, it has reset its entire debt structure by extending maturities, reducing interest costs, thereby increasing the Company's financial flexibility. As of June 30, 2017, Mobile Mini had over $350 million of excess availability on a revolver and it has only 1 financial covenant in entire capital structure. The Company ended the reported quarter with total net debt to adjusted EBITDA at 5x. Mobile Mini anticipates utilizing increasing free cash flow to deleverage in the next 12 months.

Dividend

The Company's Board of Directors declared a cash dividend of $0.227 per share, which will be paid on August 30, 2017 to shareholders of record on August 16, 2017.

Stock Performance

Mobile Mini's share price finished yesterday's trading session at $30.15, slightly down 0.17%. A total volume of 128.38 thousand shares have exchanged hands. The Company's stock price advanced 1.34% in the last one month and 2.55% in the previous three months. Shares of the Company have a PE ratio of 28.82 and have a dividend yield of 3.02%. The stock currently has a market cap of $1.33 billion.

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SOURCE: Pro-Trader Daily