Shares of Custom Truck One Source Inc (CTOS) plummeted by 6.30% on October 31, 2024, following the release of the company's disappointing financial results for the third quarter ended September 30, 2024.
The auto vehicle parts and service retailer reported a quarterly adjusted loss of $0.07 per share, worse than analysts' expectations of a $0.03 loss per share. Revenue rose 3% year-over-year to $447.22 million, but fell short of analysts' estimates of $448.36 million.
Custom Truck One Source also reported a net loss of $17.42 million for the quarter, further disappointing investors. The company's stock had gained 5.2% during the quarter but has lost a staggering 41.3% so far in 2024, reflecting the challenges faced by the company and the broader industry.
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