Jerry Rettig

Jerry Rettig (question asked by Kevin) asked about a disconnect in general rental demand, with strong earthmoving but lagging aerials, and whether this was due to mega projects being less aerials-intensive. He also inquired about the moving pieces behind the Q4 Dollar Utilization decline and the outlook for Q1.

Answer

Aaron Birnbaum (President) noted that earthmoving and aerials are seasonal, with used equipment market values for excavators bottoming out and rising, while aerials are in a trough. He clarified that mega projects utilize significant aerial demand. Mark Humphrey (SVP and CFO) stated Q4 Dollar Utilization met expectations, and pro forma Q1 Dollar Utilization would be down year-over-year, improving as the slower period ends. He also mentioned the Q4 2024 hurricane boosted specialty-intensive Dollar Utilization.