Mc Grath Rent Corp

MGRC

Equity

ISIN US5805891091 / Valor 950547

NASDAQ (2024-12-24)

USD 112.56+0.69%

Mc Grath Rent Corp
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About company

McGrath Rent Corp is a diversified business-to-business rental company founded in 1979, with five divisions including Mobile Modular, Mobile Modular Portable Storage, TRS-RenTelco, KitchensToGo, and Enviroplex. Mobile Modular is one of the largest providers of modular buildings in the United States, offering customizable modular buildings, mobile office trailers, portable classrooms, and more for various markets. TRS-RenTelco specializes in B2B test equipment rentals and sales, providing a wide range of equipment for engineers, technicians, and scientists. McGrath Rent Corp is headquartered in Livermore, CA, and traded on the NASDAQ Global Select Market under the symbol "MGRC." With a focus on providing reliable, flexible space solutions and quality equipment, McGrath Rent Corp serves North America with over $500 million in annual revenue.

Summarized from source with an LLMView SourceSector: Business Services

Total Revenue Growth

McGrath RentCorp reported total revenues from continuing operations of $212.6 million for the second quarter of 2024, marking a 5% increase compared to the same quarter in 2023. This growth was driven by higher rental operations and sales revenues.

Net Income Decline

The company reported a net income from continuing operations of $20.6 million, or $0.84 per diluted share, for the second quarter of 2024. This represents a decrease from the net income of $28.0 million, or $1.14 per diluted share, reported in the second quarter of 2023.

Rental Revenue Increase

Rental revenues for McGrath RentCorp increased by 3% to $121.2 million in the second quarter of 2024. This growth was primarily attributed to the company's modular business, which saw a 10% increase in rental revenue.

Adjusted EBITDA Growth

McGrath RentCorp's Adjusted EBITDA for the second quarter of 2024 increased by 9% to $83.7 million. This improvement reflects the company's focus on pricing optimization, rental fleet utilization, and value-added services for customers.

Dividend Announcement

McGrath RentCorp declared a dividend rate of $0.475 per share for the second quarter of 2024. On an annualized basis, this dividend represents a 1.7% yield based on the July 24, 2024 closing price of $111.63 per share.

Summarized from source with an LLMView Source

Key figures

-4.92%1Y

41.4%3Y

45.1%5Y

Performance

25.7%1Y

25.8%3Y

33.5%5Y

Volatility