McGrath Rentcorp expects stable 2016
By Helen Wright01 March 2016
US-based rental company McGrath Rentcorp has reported a dip in revenues and net income for 2015, and forecast a flat year ahead.
Total revenues for the year ended December 31, 2015, were US$405 million (€372 million), compared to US$408 million (€375 million) in 2014. Of this, rental revenues increased 2% year-on-year to US$274 million (€252 million). Net income decreased 11% compared to 2014 to US$40.5 million (€37 million).
The company’s Mobile Modular business reported rental revenues of US$116 million (€107 million), up 21% year-on-year, while the TRS-RenTelco division saw rental revenues drop 10% to US$89 million (€82 million). The Alder Tanks business also saw revenues fall 7.4% to US$68.5 million (€62.9 million).
McGrath said that entering 2016, the level of uncertainty in some of its markets was high – it said it expected overall profits to be higher year-on-year at Mobile Modular this year, roughly flat at TRS-RenTelco and lower at Adler Tanks. Total full-year rental revenues are also expected to be flat to up to 3% higher in 2016.