WillScot Mobile Mini Q3 2024 Earnings Report
Key Takeaways
WillScot Mobile Mini reported Q3 2024 revenue of $601 million. The company's Adjusted EBITDA was $267 million, up 1% year-over-year, with a margin of 44.4%. Adjusted Free Cash Flow was $143 million, representing a 24% margin. The company is reducing its outlook to a midpoint of $1,060 million of Adjusted EBITDA for 2024.
Generated revenue of $601 million, including a $180 million McGrath RentCorp merger agreement termination fee.
Adjusted income from continuing operations, excluding certain charges, was $72 million, with Adjusted Diluted Earnings Per Share at $0.38.
Adjusted EBITDA reached $267 million, a 1% increase, with Adjusted EBITDA Margin expanding to 44.4%.
Adjusted Free Cash Flow was $143 million, reflecting a 24% margin.
WillScot Mobile Mini
WillScot Mobile Mini
WillScot Mobile Mini Revenue by Segment
Forward Guidance
The company is reducing its outlook to a midpoint of $1,060 million of Adjusted EBITDA for 2024, reflecting the reality that non-residential construction markets are bottoming later than assumed in our prior outlook. The company thinks the combination of that moderation, improving commercial execution, and growing run-rates in newer product lines supports modest organic top-line growth with continued margin expansion in 2025, progressing towards our longer-term targets for Free Cash Flow and Return on Invested Capital.
Positive Outlook
- Improving commercial execution.
- Growing run-rates in newer product lines.
- Supports modest organic top-line growth.
- Continued margin expansion in 2025.
- Progressing towards longer-term targets for Free Cash Flow and Return on Invested Capital.
Challenges Ahead
- Non-residential construction markets are bottoming later than assumed in prior outlook.
- Revenue for Q3 2024 was $601 million.
- Adjusted EBITDA increased 1% year-over-year to $267 million.
- Sequential progression of revenue from Q2 into Q3 was weaker than forecasted, primarily driven by softer volumes.
- Volume headwinds continue to moderate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income