NASDAQ$MGRC
Mcgrath Rentcorp · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
McGrath RentCorp's Q1 2023 results were announced, featuring revenue growth and strategic business activities.
McGrath RentCorp reported a 19% increase in total revenues, reaching $173.2 million for the quarter ended March 31, 2023. Net income stood at $71.7 million, or $2.92 per diluted share, significantly higher than the previous year, boosted by a net gain on the sale of the Adler Tanks business. The company's continuing operations saw a 31% increase in total revenues, amounting to $163.7 million.
- Total revenues increased by 19% year-over-year, reaching $173.2 million.
- Net income was reported at $71.7 million, or $2.92 per diluted share, driven by the sale of Adler Tanks.
- Rental revenues from continuing operations increased by 22% to $110.2 million.
- Mobile Modular division reported a 32% increase in rental revenues, supported by the acquisition of Vesta Modular.
Headline financials
Revenue & EPS history
McGrath RentCorp · Revenue · Quarterly
$164M
Revenue by segment
McGrath RentCorp · $164M total across 3 segments · Q1 2023
- Mobile Modular$127M—77.4%
- TRS-RenTelco$36.1M—22.1%
- Portable Storage$941K—0.6%
Forward guidance
McGrath RentCorp raised its financial outlook for the full year 2023 based on year-to-date results and current expectations.
Tailwinds
- Total revenue is expected to be between $790 million and $820 million.
- Adjusted EBITDA is projected to be in the range of $300 million to $315 million.
- The company anticipates healthy demand pipelines in the modular business.
- Initiatives to grow modular sales have shown progress.
- The company is focused on disciplined operational execution to maximize market opportunities.
Headwinds
- Unforeseen liabilities and integration challenges may arise from the Vesta and Brekke Storage acquisitions.
- Activity levels in the general purpose and communications test equipment markets at TRS-RenTelco could experience fluctuations.
- The company's ability to successfully increase prices may be challenged by cost increases.
- Effective management of rental assets remains a key factor.
- Weather-related project start delays could impact results.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+1.3%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+1.8%
Avg return
30 days after
56%
37 / 66 earnings
Positive
+13.9%
Q3 2018
Best reaction
-10.4%
Q2 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | -7.2% | -9.3% | |
| Q4 2025 | -0.6% | -6.4% | -4.9% | |
| Q3 2025 | -5.1% | -7.6% | -16.9% | |
| Q2 2025 | +0.0% | -0.9% | +2.3% | |
| Q1 2025 | -0.6% | +2.5% | +9.0% | |
| Q4 2024 | +4.1% | +1.1% | -8.4% | |
| Q3 2024 | +7.5% | +9.4% | +13.8% | |
| Q2 2024 | -0.5% | +0.9% | -2.2% | |
| Q1 2024 | +2.9% | -1.7% | +2.1% | |
| Q4 2023 | -3.0% | -3.1% | -5.6% | |
| Q3 2023 | +4.9% | +3.6% | +2.8% | |
| Q2 2023 | +3.8% | +3.8% | +10.3% | |
| Q1 2023 | +2.0% | +3.1% | +4.7% | |
| Q4 2022 | +0.4% | -3.7% | -14.3% | |
| Q3 2022 | +12.5% | +12.4% | +13.8% | |
| Q2 2022 | +3.9% | +4.2% | +4.3% | |
| Q1 2022 | -1.7% | -3.4% | -3.3% | |
| Q4 2021 | +8.1% | +11.4% | +16.8% | |
| Q3 2021 | -4.1% | -1.2% | +2.4% | |
| Q2 2021 | -6.2% | -8.6% | -9.4% | |
| Q1 2021 | +0.4% | +0.6% | +4.6% | |
| Q4 2020 | -2.3% | -3.5% | -1.8% | |
| Q3 2020 | -2.3% | +2.5% | +11.1% | |
| Q2 2020 | +8.3% | +5.5% | +21.6% | |
| Q1 2020 | -2.0% | -4.7% | +0.1% | |
| Q4 2019 | -8.4% | -11.6% | -30.2% | |
| Q3 2019 | +12.1% | +8.0% | +5.0% | |
| Q2 2019 | +5.1% | +4.9% | -0.4% | |
| Q1 2019 | +2.5% | +3.8% | -8.5% | |
| Q4 2018 | +13.3% | +12.1% | +7.9% | |
| Q3 2018 | +13.9% | +13.2% | +13.0% | |
| Q2 2018 | -0.6% | +2.1% | -1.2% | |
| Q1 2018 | +3.5% | +4.0% | +10.4% | |
| Q4 2017 | +4.3% | +4.2% | +10.7% | |
| Q3 2017 | +10.7% | +8.1% | +7.7% | |
| Q2 2017 | +10.7% | +8.9% | +8.6% | |
| Q1 2017 | +6.3% | +0.6% | -2.4% | |
| Q4 2016 | -7.7% | -9.9% | -12.4% | |
| Q3 2016 | +7.0% | +5.8% | +17.9% | |
| Q2 2016 | -0.3% | -0.2% | +2.1% | |
| Q1 2016 | +6.2% | — | — | |
| Q4 2015 | -6.5% | — | — | |
| Q3 2015 | +4.6% | — | — | |
| Q2 2015 | -8.3% | — | — | |
| Q1 2015 | -2.9% | — | — | |
| Q4 2014 | +1.3% | — | — | |
| Q3 2014 | +0.5% | — | — | |
| Q2 2014 | -3.6% | — | — | |
| Q1 2014 | -0.8% | — | — | |
| Q4 2013 | -10.0% | — | — | |
| Q3 2013 | -0.1% | — | — | |
| Q2 2013 | -5.1% | — | — | |
| Q1 2013 | -5.7% | — | — | |
| Q1 2011 | -0.2% | — | — | |
| Q4 2012 | +3.5% | — | — | |
| Q3 2012 | -1.8% | — | — | |
| Q2 2012 | -10.4% | — | — | |
| Q1 2012 | +0.2% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q4 2009 | +0.3% | — | — | |
| Q3 2010 | +8.5% | — | — | |
| Q3 2011 | +8.5% | — | — | |
| Q4 2010 | +4.1% | — | — | |
| Q2 2010 | +4.1% | — | — | |
| Q2 2011 | +4.1% | — | — | |
| Q1 2010 | -9.2% | — | — |
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