McGrath RentCorp reports Q2 EPS 84c vs. $1.14 last year

Reports Q2 revenue $212.6M vs. $203.0M last year. Joe Hanna, President and CEO of McGrath, made the following comments: “We were pleased with our second quarter results. The 5% increase in companywide revenues was driven by higher rental operations and sales revenues. Our modular business was the highlight for the quarter, with 10% rental revenue growth. Rental revenues grew across our commercial and education customer bases. We maintained our focus on pricing optimization, rental fleet utilization, and value-added services for our customers. Growth initiatives for Mobile Modular Plus, Site Related Services and new modular equipment sales all continued to show progress. Portable storage demand conditions were weaker than a year ago, resulting in 4% lower rental revenues for the quarter, compared to a year ago. The weaker demand was primarily a result of lower commercial construction project activity. TRS-RenTelco experienced continued demand challenges, resulting in 11% lower rental revenues for the quarter, compared to a year ago. During the quarter we maintained disciplined new equipment capital spending and made progress with reducing the fleet size to better align with demand conditions.”