Mcgrath Rentcorp Stock Price, News & Analysis

McGrath RentCorp has successfully completed its acquisition of Design Space Modular Buildings PNW, LP for $260 million. This acquisition enhances McGrath's Mobile Modular division, expanding its coverage with 15 branches across 8 states in the Western U.S. The transaction aims to generate long-term revenue growth and operational synergies while creating opportunities for cost savings through fleet optimization. Furthermore, it is expected to positively impact earnings per share (EPS) and free cash flow. The integration process is set to begin as both companies align their customer-centric approaches.

McGrath RentCorp has signed a definitive agreement to acquire Design Space Modular Buildings PNW, LP for $260 million cash, a move expected to enhance earnings per share and free cash flow upon closing. Design Space, a prominent modular building provider in the Western U.S., generated $32 million in EBITDA on $81 million in revenue for the trailing 12 months as of December 31, 2020. The acquisition will extend McGrath's geographic reach, optimize operations, and boost revenue growth through combined resources. The transaction is slated to close in Q2 2021.

McGrath RentCorp (NASDAQ: MGRC) reported Q1 2021 revenues of $121.2 million, down 6% year-over-year, with a net income of $17.4 million ($0.71 per diluted share). Rental revenues decreased 4% to $86.1 million. Adjusted EBITDA fell by $5.7 million to $49.1 million, affected by a $2.1 million legal expense. Notably, the dividend increased 4% to $0.435 per share. Despite challenges, including pandemic impacts, management is optimistic, citing improved bookings and a recently completed acquisition of Kitchens To Go, aimed at enhancing product offerings.

McGrath RentCorp (Nasdaq:MGRC) has announced its participation in the Oppenheimer Virtual 16th Annual Industrial Growth Conference on Tuesday, May 4th, at 3:00 p.m. ET. During this event, the company will provide a presentation, which will be accessible via a live webcast and presentation slides on the Investor Relations section of its website. A replay of the presentation will be available for 90 days post-event. McGrath RentCorp is a diversified rental company operating in several sectors, including modular buildings and electronic test equipment.

McGrath RentCorp has acquired Kitchens To Go, enhancing its Mobile Modular division's offerings in flexible foodservice facilities. This strategic acquisition aims to provide temporary and permanent solutions across various sectors, including education and healthcare. The deal, funded through borrowings from a revolving credit agreement, is not expected to significantly affect the financial outlook for 2021. The CEO expressed optimism about leveraging synergies and the deep industry knowledge of Kitchens To Go's team.

McGrath RentCorp (NASDAQ: MGRC) plans to release its financial results for the first quarter ending March 31, 2021, on April 28, 2021, after market close. A conference call will be held at 5:00 p.m. ET to discuss the results, including a Q&A session. Interested parties can join by phone or via a live webcast. Founded in 1979, McGrath RentCorp provides a range of rental solutions, including modular buildings and electronic test equipment, serving markets across the U.S. and select regions in North America.

McGrath RentCorp (Nasdaq: MGRC) will participate in the Sidoti & Company Spring 2021 Virtual Conference on March 25^th, presenting at 1:00 p.m. ET. A webcast and presentation slides will be accessible in the Investor Relations section of their website, with a replay available for 90 days post-event. Founded in 1979, McGrath RentCorp is a diverse rental company providing modular buildings, electronic test equipment, and storage solutions across the U.S. For more details, visit www.mgrc.com.

McGrath RentCorp (NASDAQ: MGRC) reported Q4 2020 revenues of $149.0 million, a 1% increase YoY, with net income rising to $31.2 million or $1.27 per share. For the full year, revenues reached $572.6 million, up from $570.2 million in 2019, and net income surged to $102.0 million. The board declared a quarterly dividend of $0.435 per share, marking a 4% increase YoY. The company anticipates 2021 revenues between $560 million and $595 million. Performance varied by division, with challenges in rental demand impacting results.

McGrath RentCorp (NASDAQ: MGRC) has launched a new Corporate Responsibility landing page on its website, showcasing its commitment to sustainability and governance. The page aims to enhance navigation for investors, employees, and customers seeking ESG information. CEO Joe Hanna emphasized the company's environmentally sustainable model, promoting reused equipment to save resources and reduce emissions. McGrath's culture prioritizes corporate responsibility, advocating for environmental stewardship and reduced ecological impact. For more details, visit McGrath's Corporate Responsibility page.