Custom Truck One Source Q1 net loss $14.3M, revenue down 9%, cuts FY 2024 guidance

Custom Truck One Source, Inc.

2024-Q1 EPS reported -$0.06 revenue$411,307,000

Q1 revenue $411.3M (-9% YoY); net loss $14.3M vs net income $13.8M in Q1 2023.
Adjusted EBITDA $77.4M, down 26.4% vs Q1 2023 record $105.2M.
ERS rental revenue $103.3M (-9.2%); fleet utilization 73.3% (down from 83.6%).
TES revenue up 14.7% to $239.9M; sales backlog $537.3M (-37.2% YoY).
FY 2024 guidance lowered: revenue $1.95-2.13B, Adj. EBITDA $400-440M, net leverage target <3.5x.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.7

Custom Truck One Source, Inc. reported three months ended March 31, 2024 results: revenue $411.3 million, net income Net loss of $14.3 million.

Period: three months ended March 31, 2024
Revenue: $411.3 million
Net income: Net loss of $14.3 million
Result: reported results

Exact text from the filing

and other infrastructure-related end markets, today reported financial results for its three months ended March 31, 2024. CTOS First-Quarter Highlights • Total revenue of $411.3 million, a decrease of $40.9 million, or 9.0%, compared to $452.2 million for the first quarter of 2023 primarily due to fewer rental asset sales and lower rental demand from the utility

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Source: SEC EDGAR

accession 0001709682-24-000036

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