Custom Truck One Source, Inc. (CTOS) Tops Q1 EPS by 11c, Revenues Beat

Custom Truck One Source, Inc. (NYSE: CTOS) reported Q1 EPS of ($0.57), $0.11 better than the analyst estimate of ($0.68). Revenue for the quarter came in at $78.3 million versus the consensus estimate of $76.7 million.

Nesco Standalone First Quarter HighlightsAll metrics compared to first quarter 2020 unless otherwise noted

• Total revenue was $78.3 million compared to $81.7 million
• Equipment Rentals and Sales ("ERS") segment revenue held steady at $62.7 million compared to $63.7 million
• Fleet utilization improved to 78.5% from 77.3%
• Equipment sales increased 7.9% to $18.0 million
• Net loss was $27.9 million compared to net loss of $16.0 million
• Adjusted EBITDA was $27.5 million compared to $32.1 million
• Free cash flow increased by $21.8 million from negative $30.0 million

Strategic Combination of Nesco and Custom Truck Complete

• Closed on the combination of Nesco and Custom Truck on April 1, 2021
• New senior secured asset-based credit facility and senior secured second lien notes put in place on April 1, 2021, reducing weighted average interest rate on senior secured debt to 4.4% from 7.7%
• Combination of Nesco and Custom Truck creates one of the leading one-stop-shop specialty rental equipment resources, with a rental fleet of more than 8,800 pieces of specialized equipment
• CTOS expects to realize over $50 million in synergies from the combination over time

"The closing of the merger between Nesco and Custom Truck was a tremendous milestone, but we are now singularly focused on continuing to build a great business and delivering on strong value creation opportunities for our shareholders," said Fred Ross, Chief Executive Officer of Custom Truck One Source. "Both companies generated solid results during the first quarter. By joining forces, we're even better positioned to serve our customers and capitalize on emerging strength in our attractive end markets, while continuing to drive both revenue and cost synergies."

For earnings history and earnings-related data on Custom Truck One Source, Inc. (CTOS) click here.

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