WillScot reports Q1 adjusted EPS 24c, consensus 27c

Reports Q1 revenue $560M, consensus $555.24M. CEO Brad Soultz commented, “Our first quarter financial results were consistent with our expectations and support reaffirming our previously issued full year 2025 outlook. We delivered $145M of adjusted free cash flow at a 26% margin, returned $45M to shareholders, and progressed our acquisition pipeline. In addition to our focus on day-to-day execution, we continued investing in the business to support our medium-to-longer term margin expansion and organic revenue growth plans discussed at our Investor Day on March 7, 2025. Despite macro-related end-market uncertainty, our pending order book is up 7% year-over-year, which we believe would support our expected new lease activation levels in the second quarter. Importantly, we have multiple performance levers that allow us to achieve our growth goals through different paths and end-market backdrops. As always, we will remain nimble and make adjustments as needed along the way. I have tremendous confidence in our team’s ability to achieve our three-to-five year financial milestones of $3B in revenue, $1.5B in adjusted EBITDA, and $700M in adjusted free cash flow.”