McGrath RentCorp (NASDAQ:MGRC) Q4 2023 Earnings Conference Call February 21, 2024 5:00 PM ET
Company Participants
Joe Hanna - Chief Executive Officer
Keith Pratt - Chief Financial Officer
Conference Call Participants
Scott Schneeberger - Oppenheimer
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp Fourth Quarter 2023 Earnings Conference 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, Wednesday, February 21, 2024.
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 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-K for the quarter ended December 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. Go ahead, sir.
Joe Hanna
Thank you, Bill. Good afternoon, everyone. Thank you for joining us on our call today. We are pleased to be together today and look forward to providing additional perspective on our strong finish to the year.
I will start with some overall comments on our fourth quarter and full year 2023 performance and Keith will provide additional detail in his financial review before we open the call up for questions.
On a total company basis, we delivered strong results in the fourth quarter. Rental revenue increased 19%, sales revenues increased 12%, and adjusted EBITDA grew by 12%.
This progress was achieved with a combination of stable modular and storage market conditions and solid execution of our strategy. Along with a good market, our people made all the difference. Without the dedicated work of our teams across the country, we would not have realized these strong results.