PHOENIX - WillScot (NASDAQ:WSC) Holdings Corporation (NASDAQ:WSC), a provider of innovative flexible space and storage solutions, announced today the appointment of industry veteran Worthing Jackman to its Board of Directors. Jackman's addition, effective today, is part of the company's board refreshment efforts aimed at bolstering its growth strategy and financial and operational performance.
Jackman brings a wealth of experience to the WillScot board, having served as CEO and a Director of Waste Connections (NYSE/TSX: NYSE:WCN) from July 2019 to April 2023, and as its President from July 2018 to April 2023. Prior to that, he held the role of CFO from September 2004 until July 2018 and VP of Finance and Investor Relations from April 2003 until August 2004. His background also includes various investment banking positions with Alex. Brown & Sons, now part of Deutsche Bank (ETR:DBKGn) Securities, Inc., where he was a Managing Director within the Global Industrial and Environmental Services Group.
Erik Olsson, Chairman of WillScot, expressed confidence in Jackman's ability to contribute to the company's success, citing his proven track record and extensive operational expertise. Brad Soultz, CEO of WillScot, highlighted Jackman's diversified leadership experience, which is expected to support WillScot's profitable growth and stakeholder value enhancement.
In addition to his executive roles, Jackman has been a Director of Quanta Services (NYSE: NYSE:PWR) since May 2005. His appointment to WillScot's Audit Committee introduces another Qualified Financial Expert to the team, further strengthening the company's governance and oversight capabilities.
WillScot, headquartered in Phoenix, Arizona, operates from approximately 260 branch locations across North America and offers a comprehensive range of modular space and portable storage solutions. The company's products serve various sectors of the economy, providing essential services to its customer segments.
The information in this article is based on a press release statement from WillScot Holdings Corporation.
In other recent news, Quanta Services' third-quarter financial results are anticipated to show a revenue of $6.5 billion, marking a year-over-year increase of 5%. Adjusted EBITDA is also expected to rise by 17% year-over-year to $691 million, with adjusted earnings per share estimated at $2.75. Quanta Services has also issued $1.25 billion in senior unsecured notes and acquired Cupertino Electric, Inc., a move expected to contribute approximately 9% of Quanta's total revenue by 2025.
Several financial firms have updated their outlook on Quanta Services. B. Riley increased its price target to $343, while TD Cowen and Stifel raised their targets to $335 and $342 respectively, all maintaining a Buy rating. Conversely, JPMorgan (NYSE:JPM) initiated coverage with a Neutral rating, indicating that the current market valuation fully recognizes the company's strengths.
Citi maintained a positive outlook, raising its price target to $348 based on the company's potential for sustained growth, while Baird also raised its price target to $320, citing recent market gains and growing demand driven by advancements in artificial intelligence. These developments reflect recent analyst assessments and the company's strategic moves.
InvestingPro Insights
As Worthing Jackman joins WillScot's board, bringing his experience from Waste Connections and his role as a Director at Quanta Services (NYSE: PWR), it's worth examining some key financial metrics for Quanta Services to provide context on the industry expertise Jackman brings to the table.
According to InvestingPro data, Quanta Services boasts a substantial market capitalization of $46.8 billion, reflecting its significant presence in the Construction & Engineering industry. The company has demonstrated strong financial performance, with a revenue of $22.03 billion in the last twelve months as of Q2 2023, representing a robust growth of 20.03% over the same period.
InvestingPro Tips highlight that Quanta Services is a prominent player in its industry and has delivered a high return over the last year, with a one-year price total return of 93.13%. This impressive performance aligns with WillScot's goal of enhancing stakeholder value, suggesting that Jackman's experience could be valuable in guiding similar growth strategies.
However, it's important to note that Quanta Services is currently trading at a high P/E ratio of 58.58, which may indicate that the stock is priced at a premium relative to its earnings. This valuation metric could be an area where Jackman's financial acumen might prove beneficial to WillScot's strategic planning.
For investors seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for Quanta Services, providing a deeper understanding of the company's financial health and market position.
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