Mobile Mini down on flat Q3 earnings

Mobile Mini, Inc. (Nasdaq: MINI) shares are down after the storage provider’s third-quarter profit fell despite higher revenue. The Tempe, Ariz.-based company’s net income for the three months ended Sept. 30 totaled $12.7 million, or $0.35 per share, on par with analyst estimates and compared with $12.9 million, or $0.35 per share, a year earlier.

“Strong demand from our core industrial, retail and institutional markets offset the slower growth in non-residential construction, a sector which historically represents a larger part of our competitors’ business than ours,” CEO Steven Bunger said in a statement. “In light of slower growth in the non-residential construction sector, which is continuing to impact certain regions of the U.S., we have scaled down certain domestic manufacturing operations. The costs associated with these initiatives should not carry over into the fourth quarter.”

Bunger said the company’s revenue growth was offset by fleet repair and maintenance expenses, which were higher than normal.

“We expect that these costs will return to more normalized levels within the next two to three quarters,” he said.

The firm’s quarterly revenue was $83.5 million, slightly above analyst estimates of $83.2 million and compared with $74 million during the same period of 2006.

In morning trading, MINI shares are down 3.18%, or $0.57, at $17.36. Over the last 52 weeks, shares have ranged from $16.72 to $33.65.

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