McGrath Q2 earnings: revenue +5% to $212.6M, net income down to $0.84 EPS from $1.14 YoY

MCGRATH RENTCORP

2024-Q2 EPS reported $1.77 revenue$400,438,000

Net income from continuing ops $20.6M ($0.84 diluted EPS) vs $28.0M ($1.14) in Q2 2023; decline driven by $12.4M M&A transaction costs.
Total revenues $212.6M (+5% YoY); rental revenues $121.2M (+3%).
Adjusted EBITDA $83.7M (+9%); Mobile Modular rental revenue +10%, Portable Storage -4%, TRS-RenTelco -11%.
Dividend declared $0.475/share; selling & admin expenses rose 31% including $12.4M in WillScot merger costs.
Continued focus on Mobile Modular Plus, Site Related Services, and fleet optimization amid pending WillScot Mobile Mini transaction.

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