Solid Second Quarter Results
Total revenues increased 11% to $235.6 million. Adjusted EBITDA grew by 3% to $86.5 million, and rental operations grew by 5%.
Mobile Modular Division Performance
The Mobile Modular division saw total revenues increase by 8%, with rental revenue growth in both the commercial and education sectors. Modular sales revenues also increased by 13%.
TRS-RenTelco Growth
TRS-RenTelco's rental revenues grew by 7%, with utilization improving to 65%. Adjusted EBITDA for TRS increased by 7% to $19.3 million.
Modular Sales Initiative Success
The new modular sales growth initiative showed positive results, with increased interest in modular solutions for construction projects across many market segments.
Tuck-In Acquisitions
The company closed two tuck-in acquisitions, a modular company in the Midwest and a portable storage company in the Southeast, enhancing fleet and customer relationships.
Positive Outlook for Second Half of 2025
The company has upwardly adjusted its outlook for the remainder of 2025, expecting total revenue between $925 million and $960 million, and adjusted EBITDA between $347 million and $356 million.