McGrath RentCorp sales up

By Joe Malone31 October 2018

US rental company McGrath RentCorp has announced third-quarter rental revenues of US$82.2 million (€72.51 million) – an increase of 11% year-on-year.

No caption available

The company cited the modular space, commercial and education segments as key to its results.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were up 13% year-on-year for the company, to US$57.3 million (€50.54 million).

Joe Hanna, president and CEO of McGrath RentCorp, said, “Mobile Modular rental revenues for the quarter increased 14% from a year ago, and operating profit grew 21%. Rental rates increased 9%, as growth continued to be strong across commercial and education markets in most regions. We experienced strong third quarter shipments, with average utilisation improving 3% and ending the quarter above 79%. Demand for containers in our Portable Storage division was also strong and we are realising growth in all regions.

“TRS-RenTelco rental revenues for the quarter increased 6% and operating profit grew 8% from a year ago. Testing demand for general purpose equipment as well as communications equipment was favourable, supported by R&D work in labs and infrastructure development as carriers prepare their networks for future 5G rollout. Rental rates decreased 2% primarily due to mix changes between general purpose and communications equipment.”


Latest News
Onshore construction completed for Triton Knoll
UK’s longest ever offshore wind cabling project concludes after three years
Sinoboom to give away scissor at ARA Show
Sinoboom North America will be giving away a Sinoboom 1330SE electric scissor lift in celebration of attending its first ARA Show 
First job for Liebherr’s taxi crane
The new Liebherr MK 73-3.1 mobile construction crane performed a lift in the Netherlands