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MGRC News
MGRC Events
Company Reports Q2 Revenue of $221.1M, Below Expectations
Reports Q2 revenue $221.1M, consensus $236.5M. The decreases in net income and earnings per diluted share for the quarter were "primarily attributed to lower gross profit on sales revenues when compared to the second quarter of 2025." Phil Hawkins, CEO, made the following comments: "Our strong rental operations revenues were the highlight of the second quarter and we were pleased to see momentum building in our two largest rental businesses. Both Mobile Modular and TRS grew rental revenue and improved utilization sequentially while Portable Storage rental revenues were stable. Sales revenues for the quarter were lower than a year ago, due to lower sales at Enviroplex and Mobile Modular, as delays caused several new sales projects to shift to the second half of the year. Modular rental revenues increased 2% compared to last year, with continued growth from our commercial customer base. We experienced positive business momentum during the quarter, particularly with large commercial projects and progress with our regional expansion efforts. Shipments exceeded returns for each month of the quarter, and average utilization improved slightly from the first to second quarter. Portable Storage rental revenues were flat as commercial construction project activity remained soft. Higher costs for equipment preparation, trucking and sales coverage continued to pressure margins in the quarter. TRS-RenTelco had an impressive quarter, as strong market conditions supported 17% rental revenue growth. Demand was robust throughout the quarter, and the business benefited from projects supporting buildout of new data centers. Overall, we are encouraged by our progress. Modular utilization improvement and execution on our strategic growth initiatives in the quarter set us up well for the second half of the year. While there are still some challenges in the macro environment, we remain focused on the growth levers within our control."
Company Narrows FY26 Revenue View to $955M-$985M
Narrows FY26 revenue view to $955M-$985M from $945M-$995M, consensus $966.5M.
Sees FY26 Adjusted EBITDA of $360M-$378M
Sees FY26 adjusted EBITDA $360M-$378M.
McGrath Reports Q4 Revenue of $256.8M
Reports Q4 revenue $256.8M, consensus $254.32M. Joe Hanna, President and CEO of McGrath, made the following comments: "We were pleased with our strong fourth quarter results. The 5% increase in companywide revenues and 14% increase in Adjusted EBITDA were driven by Mobile Modular and TRS-RenTelco. Modular rental revenues increased 2% compared to last year, with growth driven by our commercial customer base. We continued to make progress with our long-term modular growth initiatives, Mobile Modular Plus and Site Related Services, and broadening our geographic coverage. Used equipment sales and Site Related Services contributed to higher gross profit for the quarter. Portable Storage rental revenues grew 3%, benefiting from some incremental seasonal retail business. Commercial construction project activity remained soft, but we are hopeful that market demand conditions for this segment are showing signs of stabilization. TRS-RenTelco had an impressive quarter, as improved market conditions supported rental revenue growth of 13% over last year and strong used equipment sales. Demand was robust throughout the quarter, with a very modest seasonal slowdown at year end. I appreciate the deep commitment, engagement and execution from our McGrath team members to deliver solid results for the year despite challenging non-residential construction demand conditions faced by our Modular and Portable Storage businesses. These results demonstrate the resilience of our people and our strategy. I am encouraged by our start to 2026 and confident that our teams are very focused on building on last year's progress."
McGrath Appoints Hawkins as CEO
McGrath announced that its Board of Directors has appointed Executive Vice President and Chief Operating Officer Philip B. Hawkins as President and Chief Executive Officer of McGrath and a member of the McGrath Board. Mr. Hawkins succeeds President and Chief Executive Officer Joseph F. Hanna, who plans to retire on April 3, 2026 and will remain as a director on the McGrath Board. Mr. Hawkins's appointment as President and Chief Executive Officer will become effective at Mr. Hanna's retirement date in April.
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