McGrath RentCorp Posts $2.00 Third-Quarter EPS
MGRC sits 24% above its 52-week low of $94.99.
Summary
McGrath RentCorp reported third-quarter EPS of $2.00, with net income of $48.8M and revenue of $274.6M, up 7% from a year earlier. The prior quarter was soft, when revenue fell 6% to $221.1M on weak equipment sales while rental operations grew 6% and TRS-RenTelco pre-tax income jumped 60%. The rental-side strength is the piece that matters for the thesis; equipment sales remain the swing factor. The third-quarter figures show revenue growing again, though the release carries no comparison to estimates or prior-year EPS, so whether $2.00 clears consensus is not yet clear.
At the time of this announcement, MGRC was trading at $118.24 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $2.9B. The 52-week trading range was $94.99 to $125.83. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.