WillScot Mobile Mini’s first quarter results were marked by a decline in sales and profitability versus market expectations, but the market responded positively. Management attributed the performance to continued growth in orders from large enterprise customers, which offset ongoing softness in local account demand. CEO Brad Soultz highlighted that the pending order book was up 7% year-over-year for both modular and storage products, supporting new lease activations. President Tim Boswell also noted that stable pricing and increased contributions from value-added products and services (VAPs) helped mitigate volume declines.
Is now the time to buy WSC? Find out in our full research report (it’s free).
WillScot Mobile Mini (WSC) Q1 CY2025 Highlights:
- Revenue: $559.6 million vs analyst estimates of $562.4 million (4.7% year-on-year decline, 0.5% miss)
- Adjusted EPS: $0.24 vs analyst expectations of $0.27 (11.1% miss)
- Adjusted EBITDA: $228.8 million vs analyst estimates of $229.2 million (40.9% margin, in line)
- The company reconfirmed its revenue guidance for the full year of $2.38 billion at the midpoint
- EBITDA guidance for the full year is $1.05 billion at the midpoint, in line with analyst expectations
- Operating Margin: 21.3%, in line with the same quarter last year
- Market Capitalization: $5 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions WillScot Mobile Mini’s Q1 Earnings Call
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Andrew Wittman (Baird) asked about whether the 7% order book growth could be influenced by project delays or cancellations. President Tim Boswell responded that cancellation rates have remained stable and quoting activity is up, supporting confidence in order conversion.
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Sherif El-Sabbahy (Bank of America) questioned the expected cadence of modular delivery volumes in the second quarter. CFO Matt Jacobsen clarified that Q2 typically sees seasonal strength in modular business, and delivery activity is projected to increase accordingly.
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Scott Schneeberger (Oppenheimer) probed the impact of tariff policy changes on demand, particularly in the retail segment. Boswell noted no major changes in retail demand post-tariff updates and highlighted improving cross-selling activity to large retail accounts.
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Faiza Alwy (Deutsche Bank) asked about logistics margin pressures and the timeframe for improvement. Boswell explained that margin improvement is expected as in-sourced logistics resources become more productive and route optimization is implemented through 2025.
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Philip Ng (Jefferies) sought color on modular and storage activations, and whether larger enterprise customers are driving higher margins. Jacobsen indicated recent stability and slight growth in activations, while Boswell noted that larger projects tend to support margins through longer durations and cross-selling opportunities.
Catalysts in Upcoming Quarters
Looking forward, the StockStory team will be watching (1) whether the expanded sales force and CRM tools translate into higher activations and sustained order book growth, (2) if value-added product penetration continues to rise and supports margin expansion, and (3) how effectively logistics and delivery margins recover as internal initiatives mature. Progress on these fronts, along with resilience to external risks like tariffs and construction market volatility, will be key signposts for execution.
WillScot Mobile Mini currently trades at $27.42, up from $25.59 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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