Custom Truck One Source posted $521.8 million in total revenue in the fourth quarter of 2023, compared to $486.7 million in the fourth quarter of 2022, a 7.2-percent increase. Rental revenue in the fourth quarter declined from $127.8 million in the fourth quarter of 2022 to $12.2 million, a 5.9-percent decline.
For the full year of 2023, CTOS reported $1,865.1 million compared to $1,573.1 million in 2022, an 18.6-percent increase. Rental revenue was $478.9 million for the full year, compared to $464 million in 2022, a 3.2-percent rental increase.
“Our fourth quarter results concluded a strong year despite some end-market pressures in the second half of the year,” said CEO Ryan McMonagle. “In 2023, our TES segment realized 29 percent revenue growth compared to 2022. In addition, our ERS segment realized 10-percent year-over-year revenue growth. Our entire team was instrumental in achieving record vehicle production this year, which helped drive the performance in both segments. Our outlook for this year makes it clear that we expect 2024 to be another year of growth for Custom Truck. A strong focus on capital allocation this year will allow us to pursue our growth strategy and to deliver free cash flow generation and continued deleveraging, all of which will create long-term value for shareholders.”
CTOS is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America, with a differentiated “one-stop-shop” business model. CTOS offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets, including electric lines, telecommunications networks and rail systems. The company's coast-to-coast rental fleet of more than 10,300 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, visit customtruck.com.
Based in Kansas City, Mo., Custom Truck One Source is No. 13 on the RER 100.
