Last $33.24 USD
Change Today +0.50 / 1.53%
Volume 42.7K
As of 8:10 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

mcgrath rentcorp (MGRC) Snapshot

Open
$32.66
Previous Close
$32.74
Day High
$33.42
Day Low
$32.65
52 Week High
11/22/13 - $40.10
52 Week Low
04/22/13 - $28.61
Market Cap
856.2M
Average Volume 10 Days
69.1K
EPS TTM
$1.67
Shares Outstanding
25.8M
EX-Date
04/14/14
P/E TM
19.9x
Dividend
$0.98
Dividend Yield
2.90%
Current Stock Chart for MCGRATH RENTCORP (MGRC)

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mcgrath rentcorp (MGRC) Details

McGrath RentCorp, a business to business rental company, is engaged in the rental and sale of relocatable modular buildings, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex. The Mobile Modular segment rents modular buildings designed for use as classrooms, temporary offices adjacent to existing facilities, sales offices, construction field offices, restroom buildings, health care clinics, child care facilities, office space, and various other purposes; and portable storage containers. The TRS-RenTelco segment rents and sells general purpose electronic test equipment, such as oscilloscopes, amplifiers, analyzers, signal source, and power source test equipment for aerospace, defense, communications, manufacturing, and semiconductor industries. This segment also provides communications test equipment comprising network and transmission test equipment for various fiber, copper, and wireless networks to manufacturers of communications equipment and products, electrical and communications installation contractors, field technicians, and service providers. The Adler Tanks segment is involved in the rental of fixed axle steel tanks for the storage of groundwater, wastewater, volatile organic liquids, sewage, slurry and bio sludge, oil and water mixtures, and chemicals; vacuum containers for sludge and solid materials, and for on-site storage or transportation of materials off-site; dewatering boxes for separation of water contained in sludge and slurry; and roll-off and trash boxes for temporary storage and transportation of solid waste. The Enviroplex segment manufactures and sells modular classrooms directly to public school districts and other educational institutions in California. McGrath RentCorp was founded in 1979 and is headquartered in Livermore, California.

911 Employees
Last Reported Date: 02/28/14
Founded in 1979

mcgrath rentcorp (MGRC) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $485.0K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: $330.0K
Chief Operating Officer and Senior Vice Presi...
Total Annual Compensation: $325.0K
Vice President of Mobile Modular and Division...
Total Annual Compensation: $210.0K
Vice President of TRS-Rentelco and Division M...
Total Annual Compensation: $185.0K
Compensation as of Fiscal Year 2012.

mcgrath rentcorp (MGRC) Key Developments

McGrath Rentcorp Issues Notes, Amends Agreement with Prudential Financial Companies

Pursuant to the amendment, the issuance period is extended until the earlier of March 17, 2017, or the termination of the issuance and sale of the notes upon the 30 days' prior notice of either Prudential Investment Management or McGrath RentCorp. McGrath RentCorp on March 17, 2014 entered into an amendment to the note purchase and private shelf agreement with Prudential Investment Management Inc., Prudential Insurance Co. of America and Prudential Retirement Insurance and Annuity Co. The amendment altered certain terms of the agreement, dated April 21, 2011, between McGrath RentCorp and the Prudential Financial Inc. companies. Pursuant to the amendment, the issuance period for the senior notes to be issued and sold is extended until the earlier of March 17, 2017, or the termination of the issuance and sale of the notes upon the 30 days' prior notice of either Prudential Investment Management or McGrath RentCorp. Additionally, under the amendment no fee would be payable with respect to the purchase and sale of any notes if the closing of such purchase and sale occurs on or after March 17, 2014, and before Sept. 17, 2014. McGrath RentCorp also on March 17 issued and sold $40 million aggregate principal amount of its 3.68% series B senior notes to the Prudential Financial companies. The notes are unsecured obligations of McGrath RentCorp. The notes mature March 17, 2021, and interest is payable semiannually beginning Sept. 17 and continuing thereafter on March 17 and Sept. 17 of each year until maturity. McGrath RentCorp may at any time prepay all or any portion of the notes provided that such portion is at least $5 million. In the event of a prepayment, McGrath RentCorp will pay an amount equal to 100% of the principal amount so prepaid, plus a make-whole amount. The full net proceeds from the notes will be used for working capital and other general corporate purposes.

McGrath Rentcorp Amends Bylaws

McGrath Rentcorp announced that on February 25, 2014, the Board amended Section 3.2 of the company's Bylaws to increase the number of members of the Board from seven to eight.

McGrath Rentcorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Full Year 2014

McGrath Rentcorp announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, total revenues were $94,614,000 compared to $101,950,000 for the same period a year ago. Income from operations was $21,520,000 compared to $21,133,000 for the same period a year ago. Income before provision for income taxes was $19,341,000 compared to $18,851,000 for the same period a year ago. Net income was $11,761,000 compared to $11,936,000 for the same period a year ago. Diluted earnings per share were $0.45 compared to $0.47 for the same period a year ago. Adjusted EBITDA was $41,570,000 compared to $40,630,000 for the same period a year ago. Net cash provided by operating activities was $33,726,000 compared to $35,374,000 for the same period a year ago. For the year, total revenues were $379,320,000 compared to $364,074,000 for the same period a year ago. Income from operations was $80,061,000 compared to $82,016,000 for the same period a year ago. Income before provision for income taxes was $71,374,000 compared to $72,867,000 for the same period a year ago. Net income was $43,397,000 compared to $44,777,000 for the same period a year ago. Diluted earnings per share were $1.67 compared to $1.78 for the same period a year ago. Net cash provided by operating activities was $133,643,000 compared to $126,381,000 for the same period a year ago. The increase was primarily attributable to an increase in accounts payable and accrued liabilities and a decrease in accounts receivable, partly offset by a decrease in deferred income, lower income from operations and other balance sheet changes. Purchase of rental equipment was $132,611,000 compared to $131,805,000 for the same period a year ago. Purchase of property, plant and equipment was $11,973,000 compared to $14,161,000 for the same period a year ago. Adjusted EBITDA was $160,590,000 compared to $158,332,000 for the same period a year ago. The company expects 2014 full-year earnings per share to be in a range of $1.70 to $1.85 per diluted share. For the full-year 2014, the company expects 5% to 10% growth in rental operations revenues over 2013. Sales revenue is expected to be approximately 10% lower than 2013, and gross profit from sales is expected to be approximately 5% lower than 2013. The company expects the 2014 effective tax rate to be 39.2%. Interest expense is expected to be between $9 million and $10 million.

 

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Industry Analysis

MGRC

Industry Average

Valuation MGRC Industry Range
Price/Earnings 19.9x
Price/Sales 2.3x
Price/Book 2.1x
Price/Cash Flow 19.7x
TEV/Sales 1.5x
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