McGrath RentCorp Delivers Strong Results and Positive Outlook in Q1 2024 Earnings Call
Friday, 26 April 2024, 01:30
McGrath RentCorp Q1 2024 Earnings Call
The McGrath RentCorp Q1 2024 earnings call revealed positive results for the company. Rental revenue increased by 9%, sales revenues by 48%, and adjusted EBITDA by 17%. Mobile Modular experienced a significant 19% increase in rental revenue, with strong performance in the education segment driving a high rental backlog.
Strong Market Opportunities
- Rental revenue increased by 8% in Portable Storage.
- TRS-RenTelco saw a 13% decrease in rental revenue due to industrywide weakness.
- Total revenues from continuing operations increased by 15% to $187.8 million.
Front-Loading Capital Expenditures
- McGrath RentCorp front-loaded capex spend for the year, focusing on the education segment and the growing demand in the modular solutions market.
- Supply chain issues were carefully managed by the company to ensure timely execution of projects.
- The labor market was stable, with the ability to effectively fill open positions, including driver roles.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.