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McGrath RentCorp (NASDAQ:MGRC), a company specializing in equipment rental and leasing with a market capitalization of $2.8 billion, held its 2025 annual shareholder meeting on Wednesday. According to InvestingPro data, the company maintains strong financial health with a "GREAT" overall score and has consistently raised its dividend for 27 consecutive years. The meeting, conducted in Livermore, California, focused on several proposals, all of which received shareholder approval.
The first proposal involved the election of directors. Shareholders voted to re-elect Nicolas C. Anderson, Kimberly A. Box, Smita Conjeevaram, William J. Dawson, Joseph F. Hanna, and Bradley M. Shuster to the board. Each nominee received a majority of votes in favor, with the highest support for Joseph F. Hanna, who garnered 20,814,162 votes.
The second proposal sought to ratify the appointment of Grant Thornton LLP as the independent auditor for the fiscal year ending December 31, 2025. This proposal received strong backing, with 21,270,528 votes in favor, 557,972 against, and 16,101 abstentions.
The third proposal was a non-binding advisory vote on the compensation of the company’s named executive officers. This proposal also passed, with 20,167,710 votes in favor, 690,472 against, and 35,715 abstentions.
The information in this article is based on an 8-K filing submitted to the Securities and Exchange Commission.
In other recent news, McGrath RentCorp announced its first-quarter 2025 earnings, revealing a strong earnings per share (EPS) of $1.15, which surpassed the forecasted $0.99. However, the company’s revenue fell short, reporting $154 million against an expected $189.56 million. Despite the revenue miss, McGrath RentCorp’s Mobile Modular segment experienced a 3% increase in revenue, contributing to a 4% overall revenue growth to $195.4 million. The company also reported a 3% rise in adjusted EBITDA to $74.5 million, emphasizing its ongoing financial resilience. In addition, McGrath RentCorp declared a quarterly cash dividend of $0.485 per common share, marking the 34th consecutive year of dividend growth. The company continues to explore potential merger and acquisition opportunities to drive future growth, as indicated in discussions during the earnings call. Analysts from Oppenheimer noted the company’s cautious outlook due to economic uncertainties, particularly affecting the commercial construction market. McGrath RentCorp projects its full-year revenue to be between $920 million and $960 million, maintaining a strategic focus on its modular business amidst broader market challenges.
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