WillScot Q3 GAAP loss $70M on $180M termination fee; updates FY24 EBITDA guidance down to $1.05-1.07B

WillScot Holdings Corp

2024-Q3 EPS reported -$0.32 revenue$1,793,203,000

Revenue $601M, down 0.6% YoY; GAAP diluted loss per share $0.37; adjusted EPS $0.38.
Adjusted EBITDA $267M (+1% YoY), margin 44.4% (+50bps YoY); Adjusted FCF $143M, margin 23.8%.
FY24 Adjusted EBITDA outlook lowered to $1,050M-$1,070M from prior midpoint, citing prolonged non-residential construction contraction.
Returned $62M to shareholders via share repurchases in Q3; leverage 3.4x; ROIC 16.5% (last 12 months).
Management expects modest organic growth in 2025; plans to resume tuck-in M&A and new product adjacencies.

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