Latest news with #rentalindustry
Yahoo
01-07-2025
- Business
- Yahoo
McGrath to Participate in the CJS Securities 25th Annual "New Ideas" Summer Conference
LIVERMORE, Calif., July 01, 2025--(BUSINESS WIRE)--McGrath RentCorp ("McGrath" or the "Company") (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced that it will participate in the CJS Securities 25th Annual "New Ideas" Summer Conference that will be held in White Plains, NY on Thursday, July 10, 2025. ABOUT MCGRATH: McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath's operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelco business offers electronic test equipment rental solutions. The Company's rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 40 years of experience, McGrath's success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company's long-term financial success and supported over 30 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies. Headquartered in Livermore, California. Additional information about McGrath and its businesses is available at and View source version on Contacts Keith E. Pratt EVP & Chief Financial Officer925-606-9200 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
17-06-2025
- Business
- Forbes
Ashtead Shares Dip As Profits Fall Despite Record Rental Revenues
Photographer: Chris Ratcliffe/Bloomberg Rental equipment specialist Ashtead reversed on Tuesday, as tough market conditions forced profits lower despite record revenues. At £43.51 per share, the FTSE 100 company was last dealing 0.7% lower on the day. Lower equipment sales meant that headline revenue dropped 1% in the 12 months to March, to $10.8 billion. But record revenues across its core rental operations helped reduce the top-line reversal. Rental revenues at the Sunbelt Rentals owner increased 4% year on year, to $10 billion. Operating profit reversed 4% to $2.6 billion, while adjusted pre-tax profit dropped 5% to $2.1 billion. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 3% to $5 billion. This was also a record high. Ashtead has operations in the US, Canada and the UK, though it generates the lion's share of revenues from customers in the States. At its North America General Tool unit, it said rental sales edged 1% higher to $4.9 billion thanks to 'both volume and rate improvement' which it said '[demonstrated] the benefits of our strategy of broadening our end markets.' On an organic basis, revenues were flat due to tough market conditions. Ashtead said that hurricane response efforts contributed around $25 million to $30 million to the top line. North America Specialty rental revenues, meanwhile, leapt 11% to $2.4 billion. Rental revenues in the UK rose 2%, to $599 million. Last year Ashtead invested $2.4 billion in the business, down from $4.3 billion in financial 2024. This was supported by near-record free cash flow of $1.8 billion, up from $216 million the year before. It spent $137 million on five bolt-on acquisitions 'to both expand our footprint and diversify our end markets,' it said. This was down from the $905 million it forked out on 26 purchases in financial 2024 as it slashed spending to reflect market conditions. Through a combination of dividends and share buybacks, Ashtead returned $886 million to shareholders, an all-time high. It raised the full-year dividend to 108 US cents per share from 105 cents previously. Chief executive Brendan Horgan commented that 'the strength of our foundation and growth strategy is reflected in our results and guidance today. I am excited for financial 2026 and what lies ahead as we continue to advance our great company.' Ashtead said it expects rental revenue growth of 0% to 4% during the current fiscal period. Capital expenditure is put at $1.8 billion to $2.2 billion, while free cash flow is predicted to range between $2 billion and $2.3 billion. Analyst Andy Murphy of Edison Group commented that 'while adjusted profit before tax fell… the group's underlying rental business remains robust. The Sunbelt 4.0 strategy continues to gain traction, with customer growth, network expansion, and margin improvements supporting medium-term optimism.' Murphy added that 'the proposed US primary listing remains a strategic milestone' for the current financial year. Ashtead plans to switch its primary listing from London to New York during the first quarter of the 2026 calendar year, whilst retaining a secondary listing in the UK. The Footsie company received the green light from 96.4% of shareholders at an extraordinary general meeting earlier in June. Royston Wild owns shares in Ashtead Group.
Auto Car
23-05-2025
- Automotive
- Auto Car
Cost and complexity of EVs puts independent rental firms at risk of closure
Electric vehicles could spell the end of independent vehicle rental companies, a leading family-owned UK firm has warned, amid a wider backdrop of waning demand for EVs generally among hire companies. Kendall Cars, a rental group with 14 branches in the south-east and a fleet of 1500 vehicles, says businesses like it are closing partly because of the high insurance costs associated with electric cars. Group managing director Mark Kendall said: 'Like a lot of smaller hire companies we self-insure our cars to keep our rates low, but EVs are high risk, and a lot of hire companies are giving up because they calculate that as their proportion of EVs increases, they won't be able to afford to cover them. 'The national rental firms are stepping in by ignoring the retail market and renting the vehicles to business customers, who put them on their company insurance. But rental firms like ours can't survive by ignoring retail customers.' Underlying Kendall's comments is a lack of enthusiasm in general for EVs among rental firms, which are also worried about the high cost of installing chargers and limited rental demand. His prediction that firms will close won't please car makers, which sell thousands of cars to the rental sector and regard it as a convenient safety net when other areas of the market are depressed. For example, in 2024 there were 228,000 rental vehicles on the road, an increase of 21% since 2020. 'Rental has always been a release valve for car makers wishing to sell cars, and although there is some [demand] for EVs, it remains low,' said Adam Forshaw of UK rental and leasing trade body BVRLA. The main issue for his members is installing chargers. 'This is expensive for rental firms and there are no financial or tax incentives for their customers to choose an EV over a petrol or diesel car,' he said. Kendall agrees that charging his EVs is a costly headache. He said: 'We've just installed four expensive charge points at our Wimbledon branch but, elsewhere, when customers return our EVs with very little charge – as many do – we have to drive to a charge point, which costs us time and money.' He added: 'To encourage customers to recharge their cars, we've had to impose a £50 surcharge when the battery's return level is below 50%.'
