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Jun 30, 2024
WillScot Mobile Mini Q2 2024 Earnings Report
WillScot Mobile Mini's financial performance was mixed, showing resilience in modular demand and improved storage orders, but sequential unit on rent growth was slower than expected.
Key Takeaways
WillScot Holdings Corporation reported second quarter 2024 results with revenue of $605 million, up 4%. The company generated Adjusted EBITDA of $264 million, up 1%, with Adjusted EBITDA Margin expanding sequentially to 44%. Free Cash Flow was $121 million, representing a 20% Free Cash Flow Margin.
Revenue reached $605 million, a 4% increase year-over-year.
Adjusted EBITDA was $264 million, up 1% year-over-year, with a 44% margin.
Free Cash Flow was $121 million, resulting in a 20% Free Cash Flow Margin.
The company reaffirmed its focus on margin expansion and achieving cost savings through system harmonization.
Revenue by Segment
Forward Guidance
WillScot expects revenue of $2.40 billion to $2.50 billion and Adjusted EBITDA of $1.085 billion to $1.125 billion for the full year 2024.
Positive Outlook
- Continued top-line growth.
- Structural improvements to profitability.
- Model's resilience in a challenging demand environment.
- Company is on track to achieve its best financial performance in company history in 2024.
- Strong trajectory heading into 2025.
Challenges Ahead
- Guidance is subject to risks and uncertainties.
- Reliance on market conditions impacting demand.
- Potential litigation involving the company.
- Integration risks associated with acquisitions.
- Rising costs and inflationary pressures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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