WillScot Mobile Mini reports Q2 EPS 44c, consensus 37c

Reports Q2 revenue $582M, consensus 529.92M. Brad Soultz, Chief Executive Officer of WillScot Mobile Mini, commented, “Top-line revenue growth continued in Q2 2023 as our leasing portfolio compounded predictably, with leasing revenue up 16% due to continued tailwinds from rate improvements and Value-Added Products (VAPS). With our enhanced CRM in place and two years of operating in SAP, margin enhancement initiatives drove Adjusted EBITDA margins to 44.9% and Free Cash Flow to $160 million. These are record profitability levels and indicative of the long-term earnings generation potential in our platform. As a result of our strong financial performance, low leverage, and high liquidity, we remain unconstrained from a capital allocation standpoint. We invested $43 million in Net Capex, which is in line with maintenance levels given fleet availability. And we allocated $70 million to three tuck-in acquisitions, as we continue to prosecute our programmatic M&A strategy. We returned $239 million of capital to our shareholders by repurchasing 5.4 million shares of our Common Stock during the quarter, reducing economic share count by 9.1% over the last twelve months.”