Brazil’s Mills Posts Record Third-Quarter Revenues

Mills Estruturas e Servicios de Engenharia S.A., Brazil’s largest rental company, posted record net third-quarter revenues of 148.9 million reales (about U.S. $86.6 million), a 13.4-percent sequential improvement compared with the second quarter and a 45-percent boost compared with last year’s third quarter. The company posted record net revenues in all four of its divisions: rental, with R25.8 million; heavy construction with R42.7 million; residential and commercial construction, R27 million; and industrial services with R52.5 million.

Record EBITDA was R55.9 million, a 10.8-percent jump from the second quarter and a 48.3-percent hike compared with the third quarter of 2009.

As a result of the strong demand, the company plans to double its number of branches to 40 by the end of 2010. Originally its plan was to double its footprint by 2012.

The company opened four new branches in the third quarter, two for the rental division and two for the industrial services division. The company expects to open four new branches for the rental division during the fourth quarter.

The company has signed contracts totaling U.S. $80 million for supply of equipment through the end of 2011.

Mills, believed to be the largest rental company in South America, is based in Rio de Janeiro.

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