afternoon good everyone. and Fred Thanks,
long-term they are far markets markets end or T&D; provide and and on that focus comments distribution want our tremendous strong such transmission our some a is efforts Nesco a aspects I color revenues. integration, the highlight on truly for financial employees Fred's few of telecom; on, We year-to-date infrastructure. fantastic and regarding First, primary key stronger. of four the Slide opportunities and and of other On milestones want end quarter. accounted remarkable. spend related these of And rail XX% the our last focus growth as results I we minutes providing because, X, over to fundamentals the of freight. markets such our performance. the to echo T&D less Custom additional couldn't while rental achieved XX% we combined cyclical be The quarter the to underlying of Truck truck-related intentionally revenues than delivering
spurring for of transmission energy demand new lines. is First, renewable new the development
distribution age advanced and investment transmission the grids and replace addition, to require significant the of lines existing poles. In
the evidenced to hot to by opportunity movement and the finally contractors, everything significant as amplify weather a will years. required of spend backlogs across finally, hardening T&D for of Next, rise specifically over T&D The and and the the the been for growing for which is base the some has and are severe the several a last see electrification of Telecom not impact of several have signs XX real magnitude driving we is upgrades. slowing of accelerate us. capital we years started see has the increasing And grid months. do customer been on XX country. key XG topic
is for our year-to-date, markets revenue T&D, freight are in our rail Such the the freight deliver of only with T&D-related to very equipment not fluctuations accounts heavily making aligns well this X% are aged work this about infrastructure remain quite both Rail rollout and existing commuter the of While who our strong. of in needs of the portfolio, the need consistent. existing or predictable to maintenance. commuter market correlated volume, ones in investment, expected many customers constant existing contractor it Similar market. to and and required maintenance is and
has for and sitting accounts revenue major generally years. we all several driving and road, been and experienced We've Finally, bridge of in strong refuse, defined city infrastructure, XX% combined our for as through waste and Several which rebuild. significant and year-to-date caused airports are road be of by bridge or to expansion stages how and continues steady refuse work. in maintenance traffic a performing. various performer, of the economy Waste very is regardless major also a
infrastructure today incredibly for than the underlying bill, end is fundamentals are Fred the will benefit quite would strong we approved serve. take bill, benefit Senate. potential the considering are $X the markets our time materialize. view these As trillion directly more In end and $XXX core the markets by is from impact without any billion noted, project substantial, that some that from to Because backlogs already the bill
We have we beyond the the in US, X.X% expand eventual rental independent is to still and bill share. meaningful in Slide highlights end market us would our roughly our trucks business of opportunities of are an largest Assuming distributor markets. be the believe we to the fundamentals. share but extension already five growth penetration, outlook only vocational market multi-year benefit the of and strengthening grow underlying the positive further passed,
we Our revenue that are that but we share, the growing indicates in still early QX are clearly growth in stages.
We also is penetration is rental two real. shift rental Increased believe, driven factors. the being by key continued towards
heavily than on telecom rather rental T&D First, capital more IOUs. by and model, The work is different performed the allocation utilities than being have leans which a contractors increasingly contractors, themselves.
trend outsourcing continues, equipment and that we more As more will T&D rented. be believe
flexible are that companies implementing capital. natural evolution. more of is the Second, outlays Rental reduce permanent models clearly asset-light
Turning to slide six.
economics is Our designed one-stop to wallet. share and customer model unit of shop our business maximize
of our drivers of integrated production capability unit is Our the key one superior economics.
add are we to and XX% the body of for That final-stage attaching assembler chassis and/or the or a the fleet. than rental includes process units attachment We a more us taking other that a incremental that like in-house, ourself. doing by the crane. be bucket or By markup this instead would capture a eliminate third-party work a profit we and some applied sell
at efficient more at we rental sales. that the from deliver best-in-class a assembly and produce or for cost cost That and us volume our are process OEMs the we advantage than below returns the purchasing of attachment. in addition, In have plus of units efficiency, competition upfitting the allows well to both
or customer, buy. regardless equipment of Our few of Very operate revenue rental-only our model rent whether is they a model. providing or based to a customers want on purchase-only to
be maximizes our their opportunity mixed a The or versus to entire service rent cycles, our over goal utility cycle, In We enhances deliver trucks over greater solution time. of bulk. own customers' this stability to stickiness addition, hundred provides aftermarket several buy revenue of it's their boom life shop believe preference to whether customers, parts with is for one-stop fleet provides and ability five fleet and fluctuates across trucks. and our really in buy the more rent model
of branch rent the US the Another component We network. Canada. our across and is units and business coast-to-coast sell model important
So which respond branches, fleet capabilities. vital, quickly customer our parts currently ability maintain and have service of full XX satisfaction. is We have needs service and customer to utilization to to most
by addressing we mobile are addition, can have than phone. center the to service center capabilities to or our technicians. who problems, supported immediately staffed third-party In address it a respond to techs, provider a be needs. allows us certified XX service over customers' Those deployed XX/X be best-in-class one in-field deploying issue The of call the whether by right more technicians, the call
country the New can the see from the our map including the on Pacific California and the expand there are regions and Northern Metro, seven, York As slide New Jersey of where Southwest. we Carolinas Northwest, could you presence, market
regions, and market a growth significantly our have establishing currently potential. in While permanent we share increase assets those will presence physical
three years. several planned both add existing acquisitions and expand to expect foundation greenfield We which excellent footprint service over platform. a next and The an through of provide from combination parts new the will and aftermarket sites investments to our locations
company and now $XX are we cost a communicated identified of synergy of happy truly million of make eight. accomplished is am proving Custom we synergies. together. Nesco than be have to to are Turning annual and very to ahead our integrate slide in to seamless as proud we well one in Prior that, as for that $XX am progressing better over say our is time period. first I The teams target we integration million plan. possible a have and and we quarter worked I The tirelessly customers. XX-month annual accomplished Truck more closing, have it to what as the
Additionally, XX $XX we months. will the million synergies We that anticipated annual in communicated of number now rate first be to that believe million. we run that closer $XX
integration So plan. the of ahead is
these revenue, OEC rental those capital. utilization, activities The we CTOS more more cost and realizing TES; business Parts the synergies our report synergies our Please to Rental these strategies on three originally Truck and or segments: operations, developed anticipated. We X. forecasted, Equipment how than turn or had Solutions Equipment under Service or Sales we and manage identified go-to-market and than this corner, segments APS. have results be based those ERS; slide used on-rent and quickly Aftermarket we We how sales of freight. Starting originally business new assets, and will which rent related for or core activities. business to yields consistent The ORY. will we ERS non-rental such included our rental focus allocate sale our ERS and and on revenues related are with will and of the as in the key ancillary recent metrics The filings, reported TES will include on are
buyers well. a order, will sales similar documentation. that or future basis a retail presenting We our be formal backlog new on quarterly sales We as executed define fully supported as with
Nesco bad Margins continue condition that Nesco in costs legacy depreciation Slide by Nesco on legacy excluding or debt was greater versus and business the impacted excluding Custom exclude utilization. was XX% fleet the presents for maintenance of charges Truck the historically. basis impact improvement most capture from activities. gross Revenue revenue profit QX and are the the debt Those XXXX to you charges. Tools and you of will for now initially Parts legacy versus XX and respective ERS QX APS X% the their asset and expected. be XXXX deferred the segment the bad final growth revenue Our results strong than to revenue and business periods. legacy challenged was parts Accessories or combined sales exclude X% a QX Rental and grew when the driven year-to-date XX% by we profit XXXX, up service fleet. the SG&A when on Gross mapped
clearer have improve ability year. much over balance it to the the impact on the While meaningfully line of of to will issue, sight we continue a margins our
they had We negative up also XX% largely costs, points by pass-through rental relative strong, equipment year-to-date, have in the the increases the growth of as sale also has assets of driven offset buyouts, these same which in have by period, primarily most up outlook year. customers. overall $XXX compared to to have was and on impact demand cost fleet was for QX for which $XXX sale limited a quarter rental OEC The But Utilization positive OEC to that able fact added own. OEC their high customer-requested the during percentage is of last fleet we which we XX evidenced for on remains the that to the additional experienced occurred the rent period. same by million million the to in been Demand million reflects the but our higher margin. been rent a in in for QX. was over is most of have on The size. of function utilization the $XXX freight improvement
on supply we disruption most Additionally, the product have primarily categories in rental. chain seen focused
where growth. to opportunity This We ensure supply demand equipment. see allow real suppliers closely rental is our an XX% are customer to to quarter was last with for sufficient working On-rent for the flat us more yield year. meet to area we compared for
which Between believe pre-COVID relative entire average growth a double the demand new excited the our late for implemented gains. but TES we which as still to summarizes QX, with During all good strategy digits market last were compared performance, our early July, We contracts about started equipment a and XX% while It already for was XXX% to new comparison. the results. existing the we Growth long-term backlog as strong growing yield tiered growing opportunities portfolio. quarter, has rates over, positive May across XX share strong. pricing in will take and has rental turn been on versus time rate. strategy. up year, XX% contracts the Slide are to our Revenues product our well broad-based QX up very XXXX to were reflects
In able revenue pricing result to as margin growth, addition to were of we strong expand a discipline.
the offset year. do cost We yet effects the material supply of in felt can the haven't production believe chain partially from costs, we happier the back that half by be any TES pressure to performance expected increases some during but business. expect passed be will We rising any in QX efficiency place we cost and couldn't customers. net our Overall, of any initiatives put be through increases with
Turning Slide XX. to
growth legacy the year. segments reasons: the last service fleet. posted business revenue the to rental other support also has compared two the APS for million supporting APS $XX.X of First, than technician been lower $XX.X Our million business CTOS
increase an fewer external activity As we we noted, have and as and we available a seen maintenance service. repair result, have hours in for
up our Second, to not the performed has PTA legacy expectations. business Nesco
and We the spent diving is one have we into identifying Nesco areas the legacy earlier, working we transaction and that month resources additional In opportunity are products customer noted reset the demand see necessary strategy realize we the those a need potential, actively profitable market to strong the supply is on execute the and the to since some order business attention. areas. in and chain Fred know attractive As services. of have businesses for the go-to-market plan. PTA deep closed
We will have this on made time. good progress it initiative, but take
In quarter as the APS tailwinds over we summary in quarters. are experiencing more in on will We strategy first company. remains overall our our proud markets provide we Customer demand very for positive. coming The very are have an our results the color end of outlook we integrated equipment the are delivered and strong.
the to our of were employees the one-stop like tirelessly timing our you. of turn synergy it and effort wouldn't the take now with our results And We working of ahead Brad. over upside. thank additional not deliver for We shop are benefits who customers. business know integrated integration are together to seeing we our extend we to model able of sincere these care of to I'd it I will are all be
