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Sep 30, 2024
WillScot Mobile Mini Q3 2024 Earnings Report
WillScot Mobile Mini's Q3 2024 performance reflected outstanding margin and cash flow, with a focus shifting towards growth in 2025.
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
Revenue by Segment
Leasing Revenue
CapyFin.comDelivery and Installation Revenue
CapyFin.comNew Units Sales Revenue
CapyFin.comRental Units Sales Revenue
CapyFin.com 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