Mcgrath Rentcorp - MGRC STOCK NEWS

McGrath RentCorp (Nasdaq: MGRC), a leading North American business-to-business rental company, has announced its participation in the Oppenheimer Midwest Virtual Summit. The company's CEO Joe Hanna and EVP/CFO Keith Pratt will engage in investor meetings during the summit scheduled for December 11, 2024.

McGrath RentCorp (Nasdaq: MGRC), a prominent North American business-to-business rental company, has announced its participation in the Wolfe Research Small and Mid-Cap Conference. The company's CEO Joe Hanna and EVP & CFO Keith Pratt will engage in investor meetings at the conference scheduled for December 5, 2024.

McGrath RentCorp (Nasdaq: MGRC) has announced its participation in the upcoming Baird 2024 Global Industrial Conference. CEO Joe Hanna and CFO Keith Pratt will deliver a presentation at the event on Thursday, November 14, 2024. While the conference presentations won't be available via webcast, investors can access the presentation materials through McGrath's investor relations website under the 'Events and Presentations' section on the morning of the event.

McGrath RentCorp (MGRC) reported Q3 2024 total revenues of $266.8 million, up 10% year-over-year. Net income reached $149.3 million, or $6.08 per diluted share, including a $180 million merger termination payment from WillScot Mobile Mini. Excluding this payment and related costs, adjusted net income was $45.9 million ($1.87 per share). Mobile Modular division showed strong performance with 9% rental revenue growth, while Portable Storage and TRS-RenTelco faced challenges with 11% and 10% rental revenue declines respectively. The company updated its 2024 guidance, projecting total revenue of $910-920 million and Adjusted EBITDA of $345-351 million.

McGrath RentCorp (Nasdaq: MGRC), a leading business-to-business rental company in North America, has announced its plans to release financial results for the third quarter ending September 30, 2024. The results will be disclosed after the close of regular market trading on Thursday, October 24, 2024.

Following the release, McGrath will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss the results. Interested parties can access the call by dialing 1-800-245-3047 (international callers: 1-203-518-9765) or by listening to the simultaneous webcast on the company's investor relations website.

A replay of the call will be available for 7 days by dialing 1-800-753-9146 (international callers: 1-402-220-2705). Additionally, a live audio webcast and replay can be accessed through the investor relations section of McGrath's website.

McGrath RentCorp (Nasdaq: MGRC) has confirmed the termination of its pending merger with WillScot Holdings (Nasdaq: WSC). As per the agreement, McGrath will receive a $180 million termination fee from WillScot. The company's Board has increased the share repurchase authorization to 2 million shares. McGrath plans to provide updates on its financial outlook, business strategy, and capital allocation during its third-quarter earnings conference call on October 24, 2024.

CEO Joseph Hanna emphasized the company's commitment to growth through customer-first approach and executing their standalone strategy. McGrath will continue to focus on modular and portable storage growth opportunities, including expanded service offerings like Mobile Modular Plus, Site Related Services, and new modular equipment sales. The company aims to increase its customer base and geographic coverage while maintaining its 33-year track record of consecutive dividend increases.

McGrath RentCorp (Nasdaq: MGRC), a leading North American business-to-business rental company, has announced a quarterly cash dividend of $0.475 per common share for the quarter ending September 30, 2024. The dividend will be paid on October 31, 2024 to shareholders of record as of October 17, 2024. This declaration marks a significant milestone for McGrath, as 2024 represents the 33rd consecutive year the company has increased its dividend to shareholders, demonstrating a strong commitment to delivering value to its investors and confidence in its financial stability.

McGrath RentCorp (Nasdaq: MGRC), a leading business-to-business rental company in North America, announced that Elizabeth A. Fetter has resigned from the board of directors on August 1, 2024, for personal reasons after serving over ten years. Ms. Fetter was the first female independent director and served as chair of the compensation committee for many years. She actively worked to diversify the board and contributed to HR and compensation functions.

Bradly M. Shuster, chairman of the board, expressed gratitude for Ms. Fetter's long service and contributions to McGrath. Ms. Fetter stated her pride in serving as a director for more than a decade and witnessing the company's remarkable achievements.

McGrath RentCorp (Nasdaq: MGRC) announced its Q2 2024 results with total revenues rising by 5% YoY to $212.6 million. However, net income from continuing operations fell to $20.6 million, or $0.84 per diluted share, from $28.0 million, or $1.14 per diluted share, the previous year. Key highlights include:

• Rental revenues increased 3% to $121.2 million.
• Selling and administrative expenses surged 31% due to $12.4 million in merger transaction costs, lowering net income by $0.36 per diluted share.
• Adjusted EBITDA increased 9% to $83.7 million.
• Dividends of $0.475 per share, representing a 1.7% yield.

Division performance was mixed:

• Mobile Modular: Adjusted EBITDA rose 20%, rental revenues up 10%, but sales revenues fell 6%.
• Portable Storage: Adjusted EBITDA dropped 11%, rental revenues down 4%.
• TRS-RenTelco: Adjusted EBITDA down 16%, rental revenues declined 11%.