McGrath RentCorp (NASDAQ:MGRC) Q1 2024 Earnings Conference Call April 25, 2024 5:00 PM ET

Corporate 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 2024 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, Thursday, April 25, 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-Q for the quarter ended March 31, 2024.

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, Bo. Good afternoon and thank you, everyone, for joining us on today's call. We are pleased to be together today and look forward to providing additional perspective on our results for the first quarter.

I will start with some overall comments on our first quarter and Keith will provide additional detail in his financial review before we open the call up for questions. On a total company basis, we had a good first quarter. Rental revenue increased 9%, sales revenues increased 48%, and adjusted EBITDA grew by 17%.

Mobile modular was the highlight of our first quarter with rental revenue increasing 19%. We have been diligently executing our strategy of offering an expanded range of modular solutions to our customers and it continues to show in the results. Our teams are focused and clear about what success is for our customers and the business and they have been doing an excellent job delivering on those commitments.