McGrath RentCorp Q2 Profit Declines, Misses Estimates

7/31/2012 5:58 PM ET

McGrath RentCorp (MGRC: Quote) reported second-quarter net income of $10.5 million or $0.42 per share, down from last year's $11.4 million or $0.46 per share in the same period.

On average, 4 analysts polled by Thomson Reuters expected the company to earn $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the latest quarter rose 5 percent to $83.8 million from $79.5 million last year. Three analysts had a consensus revenue estimate of $86.87 million for the quarter.

McGrath RentCorp said that it has revised its 2012 full-year earnings guidance range to $1.70 to $1.85 per share from the previous guidance range of $2.02 to $2.12 per share.

Analysts currently expect the company to earn $2.05 per share for the full year 2012.

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by RTT Staff Writer

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