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Sep 30, 2023
McGrath RentCorp Q3 2023 Earnings Report
McGrath RentCorp's Q3 2023 financial performance was marked by substantial revenue growth and profitability, driven by the modular segment and strategic acquisitions.
Key Takeaways
McGrath RentCorp reported a 40% increase in total revenues to $243.5 million for the third quarter of 2023. Net income from continuing operations rose to $40.4 million, or $1.65 per diluted share, compared to $27.1 million, or $1.11 per diluted share, in the same quarter of the previous year. The company's modular segment drove rental revenue growth, supported by recent acquisitions and organic expansion.
Total revenues increased by 40% year-over-year to $243.5 million, driven by strong performance in the modular segment and recent acquisitions.
Rental revenues grew by 22% to $122.7 million, with the modular segment experiencing a 36% increase.
Net income from continuing operations increased to $40.4 million, or $1.65 per diluted share, compared to $27.1 million, or $1.11 per diluted share, for the same quarter last year.
The company revised its full-year 2023 financial outlook, projecting total revenue between $820 to $830 million and adjusted EBITDA between $312 to $320 million.
Revenue by Segment
Forward Guidance
Based upon the Company's year-to-date results and current outlook for the remainder of the year, the Company is revising its financial outlook. For the full-year 2023, the Company expects total revenue of $820 to $830 million and Adjusted EBITDA of $312 to $320 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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