Mcgrath Rentcorp - MGRC STOCK NEWS

McGrath RentCorp (Nasdaq: MGRC), a diversified rental company, will present at the Sidoti & Company, LLC Fall Virtual Small Cap Investor Conference on September 23, 2021, at 2:30 p.m. ET. Investors can access the live webcast and presentation slides on the company's Investor Relations website. A replay will be available for 90 days post-event. Founded in 1979, McGrath RentCorp offers modular buildings, electronic test equipment, and storage solutions across the U.S. and select North American regions.

McGrath RentCorp (NASDAQ: MGRC) reported Q2 2021 revenues of $146.4 million, up 6% year-over-year. Net income was $20.6 million, or $0.84 per diluted share, down from $22.5 million in Q2 2020. Rental revenues grew 10% to $94.6 million. The company raised its full-year revenue guidance from $570-610 million to $610-640 million. Rental revenue growth was mainly driven by acquisitions. However, new equipment sales face challenges due to supply chain issues and labor shortages, affecting 2021 expectations.

McGrath RentCorp (NASDAQ: MGRC) plans to release its financial results for Q2 2021 on August 3, 2021, after market close. The company will host a conference call at 5:00 PM ET to discuss the results, with a Q&A session available. Investors can join the call by dialing 1-844-707-0666 or via webcast at investors.mgrc.com. McGrath RentCorp, established in 1979, provides diversified rental services, including modular buildings and electronic test equipment across North America.

The Board of Directors of McGrath RentCorp (NASDAQ:MGRC) announced a quarterly cash dividend of $0.435 per common share, payable on July 30, 2021 to shareholders of record as of July 16, 2021. This marks the 30th consecutive year that MGRC has increased its dividend payouts, underscoring its commitment to returning value to shareholders. McGrath RentCorp, founded in 1979, operates in diversified rental services including modular buildings and electronic test equipment.

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.