WillScot Holdings Corporation - WSC STOCK NEWS

WillScot (WSC) reported Q3 2024 results with revenue of $601 million and Adjusted EBITDA of $267 million, up 1% year-over-year. The company posted a loss from continuing operations of $70 million, including a $180 million McGrath RentCorp merger termination fee. Adjusted EBITDA Margin expanded to 44.4%, up 50 basis points year-over-year. The company generated Adjusted Free Cash Flow of $143 million at a 24% margin and maintained leverage at 3.4x. WillScot updated its FY 2024 Adjusted EBITDA outlook to $1,050-1,070 million, citing headwinds in non-residential construction affecting top-line revenue.

WillScot Holdings (Nasdaq: WSC) has announced the appointment of Worthing Jackman to its Board of Directors, effective October 22, 2024. This appointment is part of the company's ongoing board refreshment efforts, aimed at enhancing and diversifying skills, expertise, and knowledge. Mr. Jackman, described as a seasoned leader with a proven track record of long-term growth and shareholder value creation, brings extensive operational expertise and capital markets leadership to the board.

Erik Olsson, Chairman of WillScot, and Brad Soultz, CEO, both expressed their enthusiasm for Mr. Jackman's appointment, highlighting his diversified leadership experience and expertise in strategy, finance, and organizational development within the industrial services sector. Mr. Jackman will serve as a member of the Audit Committee, further supporting WillScot's efforts to drive profitable growth and enhance stakeholder value.

WillScot Holdings (Nasdaq: WSC), a leader in innovative temporary flexible space solutions, has announced that it will release its third quarter 2024 financial results on October 30, 2024, after market close. The company will host a conference call and webcast on the same day at 5:30 p.m. ET to discuss the results.

CEO Brad Soultz and President and CFO Tim Boswell will lead the call. Participants can access the live call by phone through a registration link provided in the press release. To avoid delays, it is recommended to dial in 15 minutes before the scheduled start time. A live webcast will also be available through the company's website, with an archived version accessible for 12 months following the call.

McGrath RentCorp (Nasdaq: MGRC) has confirmed the termination of its pending merger with WillScot Holdings (Nasdaq: WSC). As per the agreement, McGrath will receive a $180 million termination fee from WillScot. The company's Board has increased the share repurchase authorization to 2 million shares. McGrath plans to provide updates on its financial outlook, business strategy, and capital allocation during its third-quarter earnings conference call on October 24, 2024.

CEO Joseph Hanna emphasized the company's commitment to growth through customer-first approach and executing their standalone strategy. McGrath will continue to focus on modular and portable storage growth opportunities, including expanded service offerings like Mobile Modular Plus, Site Related Services, and new modular equipment sales. The company aims to increase its customer base and geographic coverage while maintaining its 33-year track record of consecutive dividend increases.

WillScot Holdings (Nasdaq: WSC) and McGrath RentCorp (Nasdaq: MGRC) have mutually agreed to terminate their previously announced merger due to regulatory challenges. Despite efforts to meet FTC requirements, the path to clearance was deemed excessively onerous. WillScot remains confident in its strategy, focusing on $1 billion of prospective Adjusted EBITDA growth potential through operational initiatives and product innovation.

In response, WillScot's Board of Directors has increased the share repurchase program to $1 billion. The company plans to deploy this authorization thoughtfully while funding organic investments and pursuing tuck-in acquisitions. WillScot's CEO, Brad Soultz, emphasized the company's strong position as a leading provider of temporary space solutions and its commitment to delivering sustainable growth and returns.

WillScot Holdings (Nasdaq: WSC), a leader in innovative temporary flexible space solutions, has announced its participation in four upcoming investor conferences in September 2024. The company will attend the Jefferies Industrial Conference on September 4 in New York, NY, the Morgan Stanley Laguna Industrials Conference on September 11 in Dana Point, CA, the DA Davidson Diversified Industrials & Services Conference on September 19 in Nashville, TN, and the Deutsche Bank Leveraged Finance Conference on September 24 in Phoenix, AZ. Interested portfolio managers and analysts are advised to contact their sales representatives at the sponsoring firms to request meetings with WillScot representatives.

WillScot (Nasdaq: WSC) reported Q2 2024 results with revenue of $605 million, up 4% year-over-year. The company experienced a loss from continuing operations of $47 million, including a one-time non-cash impairment of $133 million related to brand consolidation. Adjusted EBITDA was $264 million, up 1%, with a margin of 44%. WillScot generated Free Cash Flow of $121 million with a 20% margin.

The company updated its FY 2024 Adjusted EBITDA outlook to $1,085-$1,125 million, representing 2-6% growth. WillScot expects to close its acquisition of McGrath RentCorp in Q4 2024. The operating environment was mixed, with continued demand from larger-scale projects offset by less demand from smaller commercial construction and interest rate sensitive sectors.

WillScot Holdings (Nasdaq: WSC), North America's leader in temporary space solutions, announced the consolidation of its brands, including Mobile Mini, under the unified WillScot brand. The company introduced a new tagline, 'Right From the Start', emphasizing customer service excellence and its commitment to delivering optimal space solutions.

The rebranding includes a streamlined logo and the launch of a new digital experience at www.WillScot.com. This website offers an intuitive visual journey for users to identify space solutions tailored to their needs and industries. The consolidation simplifies access to WillScot's complete offering and marks the first of several new tools enhancing the company's digital customer experience.

CEO Brad Soultz highlighted WillScot's history of innovation since 1944 and recent technological transformations. The rebranding aligns with the company's unified go-to-market strategy, allowing efficient presentation of its expanded turnkey space solutions portfolio.

WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC), a leader in innovative temporary space solutions, has announced that it will release its second quarter 2024 financial results on August 1, 2024, after market close. The company's CEO, Brad Soultz, and President and CFO, Tim Boswell, will host a conference call and webcast on the same day at 5:30 p.m. ET to discuss the results.

Participants can access the live call by phone through a registration link and are advised to dial in 15 minutes before the scheduled start time. A live webcast will also be available on the company's website, with an archived version accessible for 12 months following the call.