McGrath RentCorp Announces Results for Third Quarter 2020
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McGrath Rentcorp (MGRC) Tops Q3 EPS by 13c, Revenues Beat; Offers 4Q Revenue Mid-Point Guidance Above Consensus
October 29, 2020 5:07 PM EDTMcGrath Rentcorp (NASDAQ: MGRC) reported Q3 EPS of $1.15, $0.13 better than the analyst estimate of $1.02. Revenue for the quarter came in at $156.45 million versus the consensus estimate of $151.65 million.
THIRD QUARTER 2020 COMPANY HIGHLIGHTS:
Income from operations decreased 20% year-over-year to $37.3 million.Rental revenues decreased 3% year-over-year to $88.1 million.Adjusted EBITDA1 decreased 11% year-over-year to $62.7 million.Dividend rate increased 12% year-over-year to $0.42 per share for the third quarter of 2020. On an annualized basis, this dividend represents a 2.9% yield on the October 28,... More