McGrath Q1 revenues up 19% to $173.2M; raises full-year guidance

MCGRATH RENTCORP

2023-Q1 EPS reported $2.92 revenue$163,718,000

Net income $71.7M ($2.92 diluted EPS) vs $18.8M ($0.77) prior year; includes $58.9M gain on Adler Tanks divestiture.
Continuing ops income $11.5M ($0.47 diluted EPS); adjusted EPS $0.89 after excluding $14.2M transaction costs.
Rental revenues from continuing ops up 22% to $110.2M; Modular rental revenues up 32% including Vesta acquisition.
Full-year 2023 guidance raised: total revenue $790-820M (prev $780-810M); Adjusted EBITDA $300-315M (prev $294-309M).
Dividend maintained at $0.465 per share; annualized yield ~2.1% based on $88.46 close.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MCGRATH RENTCORP reported its first quarter ended March 31, 2023 results: revenue $173.2 million, net income $71.7 million, EPS $2.92 per diluted share. Guidance raised.

Period: its first quarter ended March 31, 2023
Revenue: $173.2 million
Net income: $71.7 million
EPS: $2.92 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

total revenues for the quarter ended March 31, 2023 of $173.2 million, an increase of 19%, compared to the first quarter of 2022. The Company reported net income of $71.7 million, or $2.92 per diluted share, for the first quarter of 2023

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Source: SEC EDGAR

accession 0000950170-23-017818

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