Custom Truck One Source, Inc. (“Custom Truck One Source,” “we,”
“us,” or the “Company”) (NYSE: CTOS), a leading provider of
specialty equipment to the electric utility, telecom, rail, and
other infrastructure-related end markets, today released its
Inaugural Environmental, Social, and Governance (“ESG”) Report. The
report outlines the various initiatives and achievements the
Company has made in the areas of environmental stewardship, social
responsibility, and corporate governance.
“We’ve experienced tremendous change over the past two years,
including the formalization of the combined Company’s ESG process.
Holding ourselves accountable for our practices and to our
stakeholders, we not only demonstrate our resolve to being a
responsible corporate citizen but are better positioned to advance
the Company’s goals as well,” said Ryan McMonagle, CEO of Custom
Truck One Source. “This report marks the first of many to come as
we commit to doing more today, tomorrow, and into the future.”
With collaboration from teams across the Company, Custom Truck
One Source’s report details the company-wide ESG opportunities,
risks, and priorities that are particularly relevant to the Company
and its stakeholders. These include:
- Environmental Compliance
- Sustainable Operations
- Environmental Benefits of Products and Services
- Human Capital Management
- Diversity, Equity and Inclusion
- Employee Health and Safety
- Enterprise Risk Management
- Business Ethics
- Data Privacy and Security
- Corporate Governance
Custom Truck One Source’s Inaugural ESG Report is available
under the “Governance” tab on the Company’s investor relations
website investors.customtruck.com.
ABOUT CUSTOM TRUCK ONE SOURCE Custom Truck One Source is
one of the largest providers of specialty equipment, parts, tools,
accessories and services to the electric utility transmission and
distribution, telecommunications and rail markets in North America,
with a differentiated “one-stop-shop” business model. The Company
offers its specialized equipment to a diverse customer base for the
maintenance, repair, upgrade and installation of critical
infrastructure assets, including electric lines, telecommunications
networks and rail systems. The Company's coast-to-coast rental
fleet of more than 10,100 units includes aerial devices, boom
trucks, cranes, digger derricks, pressure drills, stringing gear,
hi-rail equipment, repair parts, tools and accessories. For more
information, please visit customtruck.com.
FORWARD-LOOKING STATEMENTS This press release includes
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995, as amended, and within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended,
and Section 27A of the Securities Act of 1933, as amended. When
used in this press release, the words “estimates,” “projected,”
“expects,” “anticipates,” “forecasts,” “plans,” “intends,”
“believes,” “seeks,” “may,” “will,” “should,” “future,” “propose”
and variations of these words or similar expressions (or the
negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's management’s control, that could
cause actual results or outcomes to differ materially from those
discussed in this press release. This press release is based on
certain assumptions that the Company's management has made in light
of its experience in the industry, as well as the Company’s
perceptions of historical trends, current conditions, expected
future developments and other factors the Company believes are
appropriate in these circumstances. As you read and consider this
press release, you should understand that these statements are not
guarantees of performance or results. Many factors could affect the
Company’s actual performance and results and could cause actual
results to differ materially from those expressed in this press
release. Important factors, among others, that may affect actual
results or outcomes include: increases in labor costs, our
inability to obtain raw materials, component parts and/or finished
goods in a timely and cost-effective manner, and our inability to
manage our rental equipment in an effective manner; our sales order
backlog may not be indicative of the level of our future revenues;
increases in unionization rate in our workforce; our inability to
recruit and retain the experienced personnel, including skilled
technicians, we need to compete in our industries; our inability to
attract and retain highly skilled personnel and our inability to
retain our senior management; material disruptions to our operation
and manufacturing locations as a result of public health concerns,
equipment failures, natural disasters, work stoppages, power
outages or other reasons; potential impairment charges; any further
increase in the cost of new equipment that we purchase for use in
our rental fleet or for sale as inventory; aging or obsolescence of
our existing equipment, and the fluctuations of market value
thereof; disruptions in our supply chain; our business may be
impacted by government spending; we may experience losses in excess
of our recorded reserves for receivables; unfavorable conditions in
the capital and credit markets and our inability to obtain
additional capital as required; increases in price of fuel or
freight; regulatory technological advancement, or other changes in
our core end-markets may affect our customers’ spending; difficulty
in integrating acquired businesses and fully realizing the
anticipated benefits and cost savings of the acquired businesses,
as well as additional transaction and transition costs that we will
continue to incur following acquisitions; material weakness in our
internal control over financial reporting which, if not remediated,
could result in material misstatements in our financial statements;
the interest of our majority stockholder, which may not be
consistent with the other stockholders; our significant
indebtedness, which may adversely affect our financial position,
limit our available cash and our access to additional capital,
prevent us from growing our business and increase our risk of
default; our inability to generate cash, which could lead to a
default; significant operating and financial restrictions imposed
by our debt agreements; changes in interest rates, which could
increase our debt service obligations on the variable rate
indebtedness and decrease our net income and cash flows;
disruptions in our information technology systems or a compromise
of our system security, limiting our ability to effectively monitor
and control our operations, adjust to changing market conditions,
and implement strategic initiatives; we are subject to complex laws
and regulations, including environmental and safety regulations
that can adversely affect cost, manner or feasibility of doing
business; we are subject to a series of risks related to climate
change; and increased attention to, and evolving expectations for,
sustainability and environmental, social and governance
initiatives. For a more complete description of these and other
possible risks and uncertainties, please refer to the Company's
Annual Report on Form 10-K for the year ended December 31, 2022,
and its subsequent reports filed with the Securities and Exchange
Commission. All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in
their entirety by the foregoing cautionary statements.
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INVESTOR CONTACT Brian Perman, Vice President, Investor
Relations 844-403-6138 investors@customtruck.com
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