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    Custom Truck One Source Increases Rental Revenue 5.4 Percent in Third Quarter

    Nov. 9, 2022
    Custom Truck One Source reported third quarter rental revenue of $115 million compared to $109.1 million in the third quarter of 2021, a 5.4-percent increase.
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    Custom Truck One Source reported total third quarter 2022 revenue of $357.8 million, compared to $357.3 million in the third quarter of 2022.

    Custom Truck One Source reported third quarter rental revenue of $115 million compared to $109.1 million in the third quarter of 2021, a 5.4-percent increase. Total revenue was $357.8 million, essentially flat compared to $357.3 million a year ago. For the first nine months of 2022, rental revenue was $336.2 million compared to $255.9 million for the first nine months of 2021, a 31.4-percent jump.

    Total revenue for the first nine months of 2022, was $1,086.4 million compared to $810.7 million in the first nine months of 2021, a 34-percent hike.

    “Despite the ongoing challenges presented by supply chain constraints and inflationary pressures, our entire team delivered strong third quarter results,” said CTOS Fred Ross. “We continue to achieve vehicle production at near record levels, and we are on track to complete more vehicles in 2022 than in any other year in our history. Demand remains very strong in all three of our business segments from customers across all our primary end-markets. While we remain disappointed by the limitations caused by certain supply chain constraints, our third quarter results and our sustained level of production position us well for the remainder of the year and next year. We remain focused on utilizing the competitive advantage that our significant scale and one-stop-shop business model provide for us to continue to deliver unparalleled service to our customers.”

    The Equipment Rental Solutions segment posted third quarter rental revenue of $112 million compared to $105 million in the third quarter of 2021, a 6.6-percent increase. For the first nine months of the year, rental revenue for the segment was $325.7 million compared to $244.9 million in the same period of 2021, a 33-percent uptick.

    CTOS has three segments: Equipment Rental Solutions, Truck and Equipment Sales and Aftermarket Parts and Services. CTOS’ coast-to-coast rental fleet has more than 9,600 units including aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment repair parts, tools and accessories. Based in Kansas City, Mo., CTOS is No. 11 on the RER 100.

    About the Author

    Michael Roth | Editor

    Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.