WillScot Holdings Corporation reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance compared to the same periods in 2023. Total revenues for the third quarter were $601.4 million, a slight decrease of $3.4 million (0.6%) from $604.8 million in 2023. For the nine months, revenues increased to $1.793 billion, up $40.8 million (2.3%) from $1.752 billion in the prior year.
Leasing revenue for the third quarter fell to $455.6 million, down 2.4% from $466.8 million in 2023, primarily due to a reduction of 30,821 average units on rent, particularly in portable storage. Conversely, sales revenue from new units surged to $17.9 million, a significant increase of 75.8% from $10.2 million in the previous year, attributed to sales activity from an acquired company.
The company experienced a substantial operating loss of $35.2 million in Q3 2024, a stark contrast to an operating income of $178.1 million in Q3 2023. This loss was influenced by a $180 million termination fee related to the terminated merger agreement with McGrath RentCorp, alongside other discrete costs totaling $13.4 million. The net loss from continuing operations for the quarter was $70.5 million, compared to a profit of $91.5 million in the same quarter last year.
For the nine-month period, the company reported a net loss of $61.1 million, a significant decline from a net income of $390.1 million in 2023. The loss was driven by increased costs, including a $132.5 million impairment charge on the Mobile Mini trade name and restructuring costs of $8.5 million.
Adjusted EBITDA for Q3 2024 was $266.9 million, a slight increase from $265.5 million in Q3 2023, while for the nine months, it rose to $778.4 million from $773.7 million in the previous year. The gross profit margin for the third quarter was 53.5%, down from 56.2% in 2023, reflecting increased costs and lower utilization rates.
The company also reported a significant increase in capital expenditures for rental equipment, totaling $69.4 million for Q3 2024, up from $63.4 million in Q3 2023. This increase was driven by higher refurbishment spending and new fleet purchases.
As of September 30, 2024, WillScot had total debt of $3.6 billion, with $547.6 million due within the next twelve months. The company maintained a robust liquidity position, with $1.7 billion available under its asset-based lending facility. The share repurchase program remains active, with $951.9 million available for future repurchases.
About WillScot Mobile Mini Holdings Corp.
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