For the three months ended September 30, 2024, McGrath RentCorp reported total revenues of $266.8 million, a 10% increase from $243.5 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $667.2 million, up 9% from $610.3 million in 2023. The company's income from operations for the third quarter was $74.7 million, compared to $66.6 million in the prior year, while for the nine-month period, it increased to $181.2 million from $134.0 million.
Net income for the third quarter of 2024 was $149.3 million, a significant rise from $40.4 million in the same quarter of 2023. For the nine months ended September 30, 2024, net income totaled $192.8 million, compared to $142.6 million in the previous year. Earnings per share from continuing operations for the third quarter were $6.08, up from $1.65 in the same period last year.
The company experienced notable growth in its Mobile Modular segment, which generated $191.4 million in revenues for the third quarter, a 14% increase from $168.9 million in 2023. However, the Portable Storage segment saw a decline in revenues, dropping to $23.1 million, down 11% from the previous year. The TRS-RenTelco segment also reported a decrease in revenues, totaling $34.8 million, an 11% decline compared to $39.1 million in 2023.
Strategically, McGrath RentCorp received a $180 million termination payment from WillScot Mobile Mini Holdings Corp. following the mutual termination of their merger agreement, which significantly impacted the company's financial results. Transaction costs related to this terminated merger amounted to $39.4 million for the third quarter and $61.2 million for the nine months ended September 30, 2024.
The company has made several acquisitions, including Vesta Housing Solutions Holdings, Inc. for $437.2 million and Jerald R. Brekke, Inc. for $16.4 million, which expanded its Portable Storage fleet. Goodwill from these acquisitions totaled $216.8 million, reflecting their strategic fit with McGrath's operations.
As of September 30, 2024, McGrath RentCorp reported cash of $4.1 million, a significant increase from $877,000 at the end of 2023. Total liabilities decreased to $1.2 billion from $1.3 billion, while total shareholders' equity rose to $1.1 billion from $933.8 million. The company maintained a consolidated fixed charge coverage ratio of 3.07 to 1 and a consolidated leverage ratio of 1.75 to 1, both in compliance with financial covenants.
About MCGRATH RENTCORP
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