Mcgrath Rentcorp Stock Price, News & Analysis

McGrath RentCorp (NASDAQ: MGRC) reported strong financial results for Q2 2022, with total revenues of $177.0 million, a 21% year-over-year increase. Net income rose to $26.1 million, equating to $1.07 per diluted share. The Mobile Modular division led growth with a 22% increase in rental revenues, supported by acquisitions. Adjusted EBITDA reached $66.3 million, up 13%. The company also raised its full-year outlook, anticipating total revenues between $695 million and $720 million.

McGrath RentCorp (NASDAQ: MGRC) has secured a $650 million credit facility from a syndicate of banks, maturing on July 15, 2027. This new facility replaces the previous $420 million line of credit. The funds will be allocated for working capital, capital expenditures, and other general corporate purposes. The facility was arranged by BofA Securities, Inc., with Bank of America as the administrative agent. This strategic move is expected to bolster McGrath's operational capabilities and financial stability.

McGrath RentCorp (NASDAQ: MGRC) plans to announce its financial results for the second quarter ending June 30, 2022, after market close on July 28, 2022. A conference call will take place at 5:00 p.m. ET on the same day, accessible via a toll-free number or a live webcast on their investor relations site. The company, operational since 1979, provides rental services including modular buildings and electronic test equipment across the U.S. and select regions in North America.

The Board of Directors of McGrath RentCorp (NASDAQ:MGRC) has announced a quarterly cash dividend of $0.455 per common share for the quarter ended June 30, 2022. This dividend will be payable on July 29, 2022 to all shareholders on record as of July 15, 2022. Notably, 2022 marks the 31st consecutive year that McGrath RentCorp has increased its dividend, reflecting its strong commitment to returning value to its shareholders.

McGrath RentCorp (NASDAQ: MGRC) reported a strong first quarter of 2022 with total revenues of $145.4 million, a 20% increase year-over-year. Net income rose to $18.8 million or $0.77 per diluted share, up from $17.4 million a year ago. Rental revenues surged 21% to $104.2 million, with notable growth in the modular segment driven by acquisitions. The company also announced a 5% dividend increase to $0.455 per share. The outlook for 2022 remains positive with projected total revenues between $675 million and $705 million.

McGrath RentCorp (Nasdaq:MGRC) will participate in the Oppenheimer 7th Annual Industrial Growth Conference on May 4, 2022, at 1:30 p.m. ET. The presentation will be available via a live webcast, along with slides in the Investor Relations section of the company's website. A replay of the event will be accessible for 90 days post-presentation. Founded in 1979, McGrath RentCorp provides modular buildings, electronic test equipment, and storage solutions in the U.S. and select North American regions.

McGrath RentCorp (NASDAQ: MGRC) plans to release its financial results for the first quarter ending March 31, 2022, after market close on April 28, 2022. A conference call will follow at 5:00 p.m. Eastern Time to discuss the results, accessible via phone or webcast. Founded in 1979, McGrath RentCorp offers diversified rental services, including modular buildings, electronic test equipment, and portable storage solutions across the United States and select North American regions.

McGrath RentCorp (Nasdaq: MGRC) announces participation in the Sidoti & Company, LLC Spring Virtual Small Cap Investor Conference on March 23 at 4:00 p.m. ET. A webcast along with presentation slides will be accessible in the Investor Relations section of their website. A replay will be available for 90 days post-presentation. Founded in 1979, McGrath RentCorp is a diversified rental company offering modular buildings, electronic test equipment, and storage solutions across the U.S. and select North American regions.

McGrath RentCorp (NASDAQ: MGRC) announced a 5% dividend increase alongside its fourth quarter 2021 results, revealing total revenues of $175.9 million, an 18% year-over-year rise. Net income for Q4 2021 was $28.4 million, down from $31.2 million in the same period last year. Annual revenues reached $616.8 million, with adjusted EBITDA increasing to $246.6 million. The Mobile Modular division saw a strong 29% increase in rental revenues. The company anticipates full-year 2022 revenues between $675 million and $705 million.