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Mar 31, 2024
McGrath RentCorp Q1 2024 Earnings Report
McGrath RentCorp's first quarter performance in 2024 was marked by revenue growth and increased profitability.
Key Takeaways
McGrath RentCorp reported a 15% increase in total revenues to $187.8 million and net income of $22.8 million, or $0.93 per diluted share, compared to the first quarter of 2023. Strong modular and portable storage performance drove the revenue growth, while TRS-RenTelco experienced demand challenges.
Total revenues increased by 15% year-over-year to $187.8 million.
Net income from continuing operations was $22.8 million, or $0.93 per diluted share.
Rental revenues increased by 9% to $120.3 million, driven by modular and portable storage segments.
Adjusted EBITDA increased by 17% to $72.1 million.
McGrath RentCorp
McGrath RentCorp
Forward Guidance
No specific forward guidance was provided in the press release.