McGrath RentCorp (NASDAQ:MGRC) Q2 2022 Earnings Conference Call July 28, 2022 5:00 PM ET
Company Participants
Joseph Hanna - President, Chief Executive Officer
Keith Pratt - Executive Vice President, Chief Financial Officer
Conference Call Participants
Scott Schneeberger - Oppenheimer & Company
Marc Riddick - Sidoti & Company
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp Second Quarter 2022 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 is being recorded today, Thursday, July 28, 2022.
Before we begin, note that the matters the company management will be discussing today that are not statements of historical facts or forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our full-year 2022 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-Q 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 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 June 30, 2022.
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. Go ahead, sir.
Joseph Hanna
Thank you, Chelsea. Good afternoon, and thank you everyone for joining us on today's call. For our second quarter, we delivered excellent results, business momentum that we highlighted previously in our first quarter continued in the second quarter and translated into positive performance across our business units.
On a company-wide basis, rental revenues improved 17% together with strong sales growth of 29%. A focus on our growth strategy and corresponding execution is continuing to show results and we remain very energized on driving our strategic initiatives to fruition. Market conditions were favorable and we took advantage of tailwinds to move the business forward for the benefit of all our stakeholders.