McGrath RentCorp (NASDAQ:MGRC) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET
Company Participants
Joe Hanna – Chief Executive Officer
Keith Pratt – Chief Financial Officer
Conference Call Participants
Scott Schneeberger – Oppenheimer
Marc Riddick – Sidoti
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp First Quarter 2023 Earnings Call. At this time, all conference participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator instructions] This conference call is being recorded today, Thursday, May 4, 2023.
Before we begin, note that the matters the company management will be discussing today that are not statements of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our full year 2023 financial outlook, as well as statements relating to the company’s expectations, strategies, prospects, or targets. These forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties that could cause our actual results to differ materially from those projected. Important factors that could cause actual results to differ materially from the company’s expectations are disclosed under Risk Factors in the company’s Form 10-K and other SEC filings.
Forward-looking statements are made only as of the date hereof, except as otherwise required by law. We assume no obligation to update any forward-looking statements. In addition to the press release issued today, the company also filed with the SEC the earnings release on Form 8-K and its Form 10-Q for the quarter ended March 31, 2023.
Speaking today will be Joe Hanna, Chief Executive Officer; and Keith Pratt, Chief Financial Officer.
I will now turn the call over to Mr. Hanna. Please go ahead, sir.
Joe Hanna
Thank you, Travis. Good afternoon, everyone. Thank you for joining us on our call today. We were very pleased with our first quarter, which was unlike any other in our history.
I am incredibly proud of all that we accomplished to transform and grow McGrath. We divested Adler, a noncore asset, acquired Vesta Modular, a strategic target and worked on two tuck-in portable storage companies, Brekke Storage, which we announced on March 3 and Dixie Temporary Storage, which we announced on April 3. During the quarter, we also navigated the effects of unusual weather with flawless execution and delivered on a total company basis from continuing operations, 31% higher total revenues and 23% higher adjusted EBITDA.