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Jun 30, 2023
McGrath RentCorp Q2 2023 Earnings Report
McGrath RentCorp's Q2 2023 financial performance reflected strong revenue growth and profitability.
Key Takeaways
McGrath RentCorp reported a 32% increase in total revenues, reaching $203.0 million for the quarter ended June 30, 2023. Net income from continuing operations was $28.0 million, or $1.14 per diluted share, compared to $23.5 million, or $0.96 per diluted share, for the same period in 2022. The company's modular segment drove the rental revenue growth, supported by recent acquisitions.
Total revenues increased by 32% year-over-year, reaching $203.0 million.
Rental revenues grew by 24% to $117.8 million, driven by strong modular segment performance.
Net income from continuing operations increased to $28.0 million, or $1.14 per diluted share.
The company is making progress with the strategic transformation of its business portfolio, including the Adler divestiture and Vesta integration.
Revenue by Segment
Forward Guidance
The Company is revising its financial outlook for the full year 2023. Total revenue is expected to be $805 to $830 million and Adjusted EBITDA is expected to be $306 to $320 million. Gross rental equipment capital expenditures are expected to be $190 to $200 million.
Positive Outlook
- Total revenue: $805 to $830 million
- Adjusted EBITDA: $306 to $320 million
- Gross rental equipment capital expenditures: $190 to $200 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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