WillScot Holdings Corp

Latest Results (24.12.2024):

Revenue and Earnings

In the third quarter of 2024, WillScot Holdings Corp reported revenue of $601 million. The company experienced a loss from continuing operations amounting to $70 million, which included a $180 million termination fee related to the McGrath RentCorp merger agreement. Adjusted income from continuing operations, excluding this fee and other charges, was $72 million, with an Adjusted Diluted Earnings Per Share of $0.38.

Adjusted EBITDA and Margins

WillScot Holdings Corp achieved an Adjusted EBITDA of $267 million in Q3 2024, marking a 1% increase year-over-year. The Adjusted EBITDA Margin expanded sequentially to 44.4%, which is an improvement of 50 basis points compared to the previous year. This performance highlights the company's strong margin and cash flow capabilities.

Cash Flow and Shareholder Returns

During the third quarter of 2024, WillScot Holdings Corp generated an Adjusted Free Cash Flow of $143 million, maintaining a 24% margin. The company returned $276 million to shareholders by repurchasing 7.1 million shares of common stock, effectively reducing the share count by 3.3% over the past twelve months.

Financial Outlook

WillScot Holdings Corp updated its full-year 2024 Adjusted EBITDA outlook to a range of $1,050 million to $1,070 million. Despite headwinds in non-residential construction impacting top-line revenue, the company remains optimistic about its growth prospects for 2025, driven by steady demand across larger projects and strong backlogs among national accounts and general contractors.

Capitalization and Liquidity

As of September 30, 2024, WillScot Holdings Corp maintained leverage within its target range at 3.4x Net Debt to Adjusted EBITDA. The company invested $59 million in net capital expenditures during the quarter, primarily to support growth in new product lines. With ample liquidity available, WillScot plans to opportunistically redeem or refinance its $527 million notes due in 2025, optimizing interest costs.