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Custom Truck One Source, Inc. (NYSE: CTOS) reported a decrease in total revenue, gross profit, and adjusted EBITDA for the first quarter of 2024 compared to the same period in 2023. The net loss was $14.3 million, a significant decline from the net income of $13.8 million in the first quarter of 2023. The company attributes these declines to lower rental asset sales, reduced rental demand from the utility end market, and supply chain issues affecting job starts in their core Transmission & Distribution markets. Despite these challenges, CTOS remains optimistic about future growth due to strong demand in their Truck & Equipment Sales and Aftermarket Parts and Services segments.
Custom Truck One Source, Inc. (NYSE: CTOS) opens a new location in Ogden, Utah, to cater to the growing demand in the Salt Lake City market and the broader Western region. The facility adds 10,000 square feet of space and five service bays, positioning itself as a sales and rental hub for various industries. The company aims to support the infrastructure development in the region and meet the needs of new and existing customers.
