Mcgrath Rentcorp - MGRC STOCK NEWS

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%.

McGrath RentCorp (Nasdaq: MGRC), a prominent B2B rental company in North America, announced the release date for its Q2 2024 financial results. The results, reflecting the quarter ending on June 30, 2024, will be disclosed after market close on Thursday, July 25, 2024. A conference call to discuss these results will be held at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) the same day. Interested parties can participate by dialing designated phone numbers or via a live webcast on the company's investor relations website. A replay of the call will be available for seven days post-event.

McGrath RentCorp (Nasdaq: MGRC) has scheduled a special shareholder meeting on July 11, 2024, to vote on its proposed acquisition by WillScot Mobile Mini (Nasdaq: WSC).

The virtual meeting will occur at 2:00 PM Pacific Time via webcast. Shareholders of record as of May 31, 2024, are eligible to participate. For more information on the meeting and proposals, refer to the definitive proxy statement.

McGrath RentCorp (Nasdaq: MGRC), a leading business-to-business rental company in North America, has announced a quarterly cash dividend of $0.475 per common share for Q2 2024. This dividend will be paid on July 31, 2024, to shareholders recorded by July 17, 2024. Impressively, 2024 marks the 33rd consecutive year that McGrath has increased its dividend to shareholders, reflecting the company's commitment to returning value to its investors.

McGrath RentCorp reported strong financial performance for the first quarter of 2024, with total revenues reaching $187.8 million, a 15% increase year-over-year. Net income from continuing operations rose to $22.8 million, or $0.93 per diluted share, compared to $11.5 million, or $0.47 per diluted share, in the first quarter of 2023. The Company highlighted growth in rental revenues, adjusted EBITDA, and a $0.28 per share gain on the sale of a property. Mobile Modular division's Adjusted EBITDA increased by 34% to $43.3 million, while Portable Storage division reported an Adjusted EBITDA of $11.5 million, up 15% from the same quarter in 2023. TRS-RenTelco division experienced a 10% decrease in Adjusted EBITDA to $18.5 million due to weakness in semiconductor-related markets.

McGrath RentCorp (MGRC) announces plans to release financial results for the first quarter of 2024, hosting a conference call to discuss the results on April 25, 2024. Investors can access the call via phone or webcast.