Custom Truck One Source posted $112.1 million in 2022 second quarter rental revenue compared to $98.5 million in the second quarter of 2021, a 13.7-percent increase. Equipment sales, however, declined year over year from $247.7 million in the second quarter of 2021 to $218.5 million in the recently concluded quarter, an 11.8-percent decline. Total revenue dropped from $375.1 to $362.1 million this year, a 3.5-percent drop. The company attributed the decline in equipment sales to supply chain challenges.
Parts and service revenues increased in the quarter from $28.9 million a year ago to $31.5 million this year, a 9.2-percent increase.
"Our entire team delivered strong second quarter results despite the continued headwinds stemming from supply chain constraints and inflation,” said Fred Ross, CEO of CTOS. “I am proud that we achieved record production levels, completing more vehicles in the second quarter of 2022 than any other quarter in our history. While we are disappointed by the limitations caused by certain constrained production inputs, our second quarter results and the improving production momentum position us well for the second half of the year. We continue to focus on operational optimization so we can fully realize the benefits of our scale and our one-stop-shop business model. Custom Truck's commitment to our customers remains unmatched and we are steadfastly focused on meeting continued very strong customer demand across all three of our business segments."
For the first six months of the year, CTOS’ rental revenue was $221.2 million, compared to $146.8 million in the first six months of 2021, a 50.7-percent increase. Total revenue for the first six months was $728.5 million compared to $453.4 million in the first six months of 2021, a 60.7-percent leap. Equipment sales in the first half was $445.7 million, compared to $265.7 a year ago, a 67.8-percent jump. The increase reflects the combined total of CTOS and the former Nesco Specialty Rentals.
Adjusted EBITDA for the second quarter of 2022 was $85.4 million, compared to $70.2 million for the second quarter of 2021. The increase in adjusted EBITDA was largely driven by growth in rental and pricing gains that contributed to margin expansion in all three of the company segments.
During the quarter, CTOS appointed Christopher Eperjesy as chief financial officer.
Custom Truck One Source, headquartered in Kansas City, Mo., is No. 11 on the RER 100.