WillScot Mobile Mini Holdings Announces First Quarter Results and Updates 2021 Outlook
Q1 Performance, Strong Commercial Trends, And Integration Execution Support Increase To 2021 Outlook
PHOENIX, April 29, 2021 (GLOBE NEWSWIRE) WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini Holdings” or the “Company”) (Nasdaq: WSC), the North American leader in innovative flexible work space and portable storage solutions, today announced preliminary first quarter 2021 results and provided an update on its 2021 outlook. Given our momentum exiting the first quarter, coupled with strong commercial trends in our business and continued integration execution, we are raising our full year 2021 revenue and Adjusted EBITDA guidance. While our first quarter results are preliminary due to an SEC Statement published on April 12, 2021 (the “SEC Statement”), indicating that many warrant structures common in SPACs should be accounted for as liabilities rather than as equity and then
WillScot Mobile Mini Holdings Corp.: WillScot Mobile Mini Holdings Announces First Quarter Results and Updates 2021 Outlook
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Brad Soultz, Chief Executive Officer of WillScot Mobile Mini Holdings, commented, our first quarter results surpassed my expectations, with solid performance across our segments. Leasing revenue and Adjusted EBITDA increased year over year on a pro forma basis, driven by strength across all of our key leasing metrics and end markets. Our NA Modular segment saw average monthly rental rate growth of 12.9% year over year, the 14th consecutive quarter of double-digit rate growth. VAPS penetration continued to progress, producing an average monthly rate per unit delivered over the last twelve months of $337, a 22.1% year over year increase and a 8.4% sequential increase. Our pricing strategy drove improvement in our other segments as well, with increases of 5.0% and 25.5% year over year in average monthly rental rate for NA Stor