WillScot reports 5% revenue increase

Photo: WillScot Mobile Mini

WillScot Mobile Mini has released its financial results for the third quarter of 2023, reporting an increase of 5% on its revenue.

Across the business, the company generated revenues of $605 million (€568 million), compared with the $578 million (€543 million) it posted in the same period in 2022.

At the same time, WillScot reported an 11% year-over-year increase in its adjusted EBITDA to $266 million (€250 million), while it also confirmed record free cash flow margins of $148 million (€139 million).

Its modular solutions segment was the top performer both in terms of revenues and growth, generating $388 million, representing a 7% increase. Storage solutions saw a 1% increase and generated revenues of $217 million (€204 million).

Meanwhile, the company invested $333 million (€313 million) of capital in acquisitions in the quarter, taking total investment in acquisitions in the last 12 months to $494 million (€464 million).

Brad Soultz, chief executive officer of WillScot Mobile Mini said the results were driven by “continued strength in pricing and Value-Added Products (VAPS) penetration.”

Tim Boswell, president and chief financial officer, added, “Adjusted EBITDA, free cash flow margin, and return on invested capital accelerated in Q3 2023 and are all performing at record levels heading into 2024.

“Our excellent financial performance in the quarter was driven by continued strength in pricing across our portfolio, growing Valued-Added Products (VAPS) penetration, outstanding margin performance across all revenue streams, and continued cost discipline.

“Revenue of $605 million and Adjusted EBITDA of $266 million increased 5% and 11% year-over-year, respectively, with Adjusted EBITDA margin compressing sequentially from increased activation volumes and up 250 basis points from 2022, as expected.”

Boswell also confirmed that the company is expecting to generate more than $1 billion of adjusted EDITDA for the year, boosted by “incremental opportunities from the recent product line additions that we are actively scaling.”