McGrath RentCorp (NASDAQ:MGRC), a $2.9 billion leader in the equipment rental and leasing industry with an impressive 12% revenue growth over the past year, announced the appointment of David M. Whitney as its new Senior Vice President and Chief Accounting Officer, effective last Monday.
Whitney, 60, has been with McGrath RentCorp since 2000, serving as Corporate Controller before his promotion to Vice President, Principal Accounting Officer in March 2006. His extensive experience with the company is complemented by his prior role as Manager of Regional Accounting for The Permanente Medical (TASE:PMCN) Group in Oakland, California.
Whitney holds a B.S. in Accounting from California State University at Hayward and is a Certified Public Accountant. Under the company’s financial leadership, McGrath has maintained impressive gross profit margins of 48.5% and a healthy current ratio of 1.7, according to InvestingPro data.
The company’s Board of Directors confirmed there are no changes to Whitney’s compensation in connection with his new role. Furthermore, there are no reported arrangements or understandings between Whitney and any other persons related to his appointment.
It was also noted that Whitney is married to Kristina Van Trease, who is currently serving as Senior Vice President, Chief Strategy Officer of McGrath RentCorp. However, Whitney does not have any direct or indirect material interest in any transaction that would necessitate disclosure under SEC regulations.
In other recent news, McGrath RentCorp reported a 10% increase in total revenues for Q3 2024, reaching $267 million. Adjusted EBITDA also saw a rise of 13% to $104 million. This growth was notably driven by the company’s Modular business, which saw rental revenues surge by 9% and sales revenues by 14%. However, the Portable Storage and TRS divisions experienced a downturn due to reduced commercial construction activity.
Following the termination of an acquisition by WillScot (NASDAQ:WSC), McGrath RentCorp received a $180 million termination fee. Despite the challenges faced by some divisions, the company anticipates continued growth in the Modular segment. Analysts from various firms have noted the company’s strategic developments and financial achievements, suggesting a commitment to long-term growth.
Looking ahead, McGrath RentCorp expects full-year total revenues to be between $910 million and $920 million, with adjusted EBITDA ranging from $345 million to $351 million.
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