WillScot Holdings Corporation reported third quarter 2024 revenue of $601 million, which was flat year-over-year. Adjusted EBITDA increased by 1% year-over-year to $267 million, with an Adjusted EBITDA margin of 44.4%, representing a 50 basis point expansion year-over-year and 80 basis points sequentially. The company experienced headwinds in non-residential construction, particularly among smaller-scale and rate-sensitive customers.
The company recorded a net loss of $70.5 million for the quarter, primarily due to a one-time $180 million charge related to the termination of the McGrath acquisition. Excluding this charge and other non-recurring expenses, adjusted diluted earnings per share was $0.38. Adjusted Free Cash Flow for the quarter was $143 million, achieving a 24% Adjusted Free Cash Flow Margin.
WillScot reduced its full year 2024 Adjusted EBITDA outlook to a midpoint of $1,060 million, reflecting that non-residential construction markets are bottoming later than previously assumed. Despite this, the company noted moderating volume headwinds and anticipated modest organic top-line growth with continued margin expansion in 2025. Following the McGrath termination, the company restarted its share repurchase program, buying back 1.6 million shares for $62 million during the quarter.
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