NASDAQ$WSC
WillScot Mobile Mini Holdings Corp. · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
WillScot Mobile Mini's Q3 2024 performance reflected outstanding margin and cash flow, with a focus shifting towards growth in 2025.
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.
Headline financials
Revenue & EPS history
WillScot Mobile Mini · Revenue · Quarterly
$601M
Revenue by segment
WillScot Mobile Mini · $605M total across 4 segments · Q3 2023
- Modular space leasing$467M+4.3%77.2%
- Delivery and installation$116M-13.0%19.1%
- Rental unit sales$12.3M-11.4%2.0%
- New unit sales$10.2M+2.6%1.7%
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.
Tailwinds
- 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.
Headwinds
- 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.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
-0.3%
Avg return
Earnings day
-0.9%
Avg return
5 days after
-0.6%
Avg return
30 days after
43%
17 / 40 earnings
Positive
+10.4%
Q2 2020
Best reaction
-15.4%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.2% | +11.2% | +12.5% | |
| Q4 2025 | +3.0% | -1.1% | -23.0% | |
| Q3 2025 | -1.4% | -5.6% | -10.9% | |
| Q1 2025 | +6.5% | +3.4% | +5.2% | |
| Q4 2024 | -8.8% | -12.1% | -23.1% | |
| Q3 2024 | -15.4% | -5.9% | -2.4% | |
| Q2 2024 | -13.4% | -15.4% | -6.0% | |
| Q1 2024 | +2.0% | +7.0% | +7.7% | |
| Q4 2023 | -2.9% | -3.7% | -6.9% | |
| Q3 2023 | -10.0% | -9.7% | +8.0% | |
| Q2 2023 | -12.1% | -11.8% | -15.1% | |
| Q1 2023 | +4.7% | +4.8% | +3.8% | |
| Q4 2022 | -5.1% | -3.1% | -13.0% | |
| Q3 2022 | +5.2% | +6.9% | +12.6% | |
| Q2 2022 | +5.9% | +7.0% | +3.8% | |
| Q1 2022 | +2.2% | -0.3% | +3.9% | |
| Q4 2021 | +4.0% | -4.1% | +10.5% | |
| Q3 2021 | +4.1% | +8.7% | +13.4% | |
| Q2 2021 | +1.2% | -0.7% | +3.7% | |
| Q1 2021 | -2.7% | -5.2% | -3.6% | |
| Q4 2020 | +0.4% | -1.5% | -0.9% | |
| Q3 2020 | +9.5% | +14.3% | +17.0% | |
| Q2 2020 | +10.4% | +10.7% | +7.8% | |
| Q1 2020 | -5.7% | -7.5% | +14.5% | |
| Q4 2019 | -5.9% | -16.5% | -45.3% | |
| Q3 2019 | -0.2% | +1.3% | +8.4% | |
| Q2 2019 | -2.9% | -11.7% | -12.4% | |
| Q1 2019 | +6.5% | +1.5% | +0.1% | |
| Q4 2018 | +7.0% | +5.3% | +14.7% | |
| Q3 2018 | +6.4% | +1.2% | -21.5% | |
| Q2 2018 | -2.7% | -1.5% | +4.9% | |
| Q1 2018 | -1.2% | -0.8% | -5.9% | |
| Q2 2017 | -1.5% | -1.1% | -1.1% | |
| Q3 2017 | +0.0% | -1.0% | +14.4% | |
| Q1 2017 | +0.0% | +0.5% | +0.2% | |
| Q2 2016 | +0.0% | +0.5% | +0.5% | |
| Q4 2016 | +0.0% | +0.5% | +0.5% | |
| Q3 2016 | -0.5% | +0.0% | +0.0% | |
| Q4 2015 | +0.0% | — | — | |
| Q3 2015 | -0.3% | — | — |
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