Custom Truck Q2 revenue down 7.4% to $423M; net loss $24.5M; lowers FY guidance

Custom Truck One Source, Inc.

2024-Q2 EPS reported -$0.16 revenue$834,320,000

Net loss $24.5M vs income $11.6M YoY; Adjusted EBITDA $80.1M, down 22.4%.
Revenue $423.0M, down 7.4% YoY; rental revenue fell 15.7%; fleet utilization dropped to 71.7% from 81.7%.
FY 2024 guidance lowered: revenue $1.80B-$1.98B, Adj EBITDA $340M-$375M, down from prior target of >$100M levered FCF.
Net leverage ratio 4.11x; availability under credit facility $159.5M; repurchased $16.7M of stock in Q2.
ERS segment revenue $138.4M (-17.9% YoY); TES revenue $247.9M (-1.4% YoY); APS flat at $36.7M.

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