Brazil’s largest rental company, Mills Estruturas e Servicos de Engenharia S.A., posted record revenues in the second quarter with R$211.8 million (about U.S. $93.2 million), a 35.5-percent year-over-year increase compared with the second quarter of 2012. Its equipment rental revenue leapt 22.7-percent year over year to R$166.9 million (about U.S. $73.5 million).
Mills’ EBITDA for the quarter was R$89.9 million, also a record for the company, and a 24.1-percent year-over-year boost. Its EBITDA margin was 46.7 percent, compared with 51 percent in the year-ago quarter. Net earnings were a record R$48.1 million, a 22.5-percent year-over-year hike.
Capex for the quarter was R$150.7 million, totaling R$278.5 million for the first half of 2013. The company revised its 2013 capex budget for rental equipment upward from R$296 million to R$481 million. The company opened six new branches, five in the rental business unit, and one in its Jahu business unit.
Return on invested capital was 14.2 percent, compared to 13.6 percent in Q212.
Mills also last month signed an agreement to sell its Industrial Services business unit for R$102 million.
Mills is based in Rio de Janeiro.
