Reports Q1 revenue $422.2M, consensus $437.02M. “In the first quarter, we achieved year-over-year revenue growth, driven by continued strong fundamentals across our primary end markets: utility, infrastructure, rail, and telecom. The significant improvements in our core T&D markets that we experienced in the second half of last year continued into the first quarter, resulting in marked year-over-year increases in rental revenue and rental asset sales within our ERS segment. For the quarter, our rental fleet saw average utilization of just under 78%, a strong improvement versus the same period last year and in line with our expectations. We ended the quarter with total OEC of $1.55 billion, up from the end of last year and the highest in our history, which we anticipate will support our expected growth within ERS in 2025,” said Ryan McMonagle, Chief Executive Officer of CTOS. “TES saw another strong quarter of sales, as well as significant year-over-year net order growth, which is reflected in our increased backlog at the end of the quarter. We have continued to experience further backlog growth in April. Sustained, robust demand for vocational vehicles across our end markets continues to drive the performance within the TES segment. We believe that the current pace of customer orders and our existing TES backlog are sufficient to achieve the growth we expect in the segment this year. Despite ongoing challenges to economic activity being posed by the implementation of the new tariff policy, we remain cautiously optimistic about fiscal 2025 and continue to believe Custom Truck is well-positioned to benefit from secular tailwinds driven by data center investments, manufacturing onshoring, electrification, and utility grid upgrades. As a result, we are reaffirming our 2025 guidance that we initiated when we reported last quarter,” McMonagle added.
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