WillScot Mobile Mini reports Q EPS $1.00, consensus 29c

Reports Q1 revenue $565M, consensus $533.72M.Brad Soultz, Chief Executive Officer of WillScot Mobile Mini, commented, "The continued execution of our portfolio of $1 billion idiosyncratic growth levers, combined with outstanding capital discipline and operating efficiency, drove Q1 2023 results ahead of my expectations and the increase in our 2023 outlook. Our turnkey value proposition continues to resonate with our customers, with ongoing Value-Added Products ("VAPS") penetration and rate optimization driving revenue up 25%, and with excellent flow-through resulting in Adjusted EBITDA up 47% and a company-record 17% ROIC over the last 12 months. Robust revenue growth, exceptional operating efficiency, and laser-focused organic capex deployment resulted in 18% Free Cash Flow Margin and leverage of 3.0x at the bottom of our target range, which altogether afforded continued aggressive capital deployment towards M&A and shareholder returns consistent with our framework."