24/7 Market News Snapshot 30 October, 2024 – Custom Truck One Source, Inc. (NYSE:CTOS)

October 30, 2024

DENVER, Colo., 30 October, 2024 (247marketnews.com) – (NYSE:CTOS) are discussed in this article.
Custom Truck One Source, Inc. (CTOS) has demonstrated a robust performance in the stock market, with trading beginning today at $3.60 and a subsequent surge of 10.61%, bringing its current price to $4.015. This upward momentum reflects bullish market sentiment and heightened investor confidence, as evidenced by a notably high trading volume of 1.30 million shares. Observers note that such significant price movements may be indicative of strong support levels forming, suggesting potential for further advances should the current enthusiasm persist.

In addition to its stock market performance, CTOS has reported its financial results for the third quarter ended September 30, 2024. The company achieved total revenues of $447.2 million, an increase of $24.2 million, or 5.7%, compared to the prior quarter. Gross profit for the quarter reached $91.8 million, representing a sequential rise of 2.9%. Furthermore, an adjusted gross profit of $137.8 million displayed a similar positive trajectory. The firm managed to reduce its net loss to $17.4 million, an improvement from previous periods.

A significant development during the quarter was the enhancement of the company’s asset-based lending revolving credit facility, which was increased to $950 million, with an extended maturity date to 2029. This strategic move serves to bolster liquidity and operational flexibility.

CEO Ryan McMonagle highlighted that while CTOS encountered short-term challenges in core markets, signals of recovery have emerged, particularly in the infrastructure and rail sectors. Looking ahead, management is optimistic about leveraging trends in artificial intelligence, electric infrastructure, and telecommunications investments to propel growth, with expectations for a return to double-digit adjusted EBITDA growth in fiscal year 2025. As CTOS continues to solidify its position within the equipment rental and manufacturing industries, its strategic initiatives are aimed at delivering sustained value to both customers and stakeholders.

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