Core Insights - The company achieved record quarterly revenue driven by the transmission and distribution (T&D) rental business, with utilization reaching a three-year high of nearly 84% [1] - A year-over-year decline in equipment sales (TES) was attributed to customers advancing capital expenditures into early 2025 to mitigate potential tariffs and price increases [1] - The average age of the rental fleet was reduced to 2.9 years, representing a strategic de-aging of over one year since 2022, facilitating a shift towards lower maintenance capital intensity [1] Strategic Initiatives - A new partnership with HyAV was established to expand the product portfolio in building supply, forestry, and rail, aiming to capture a larger market share through more comprehensive solutions [1] - The company is focusing on an aftermarket service expansion initiative to boost high-margin parts and service revenue from existing TES customers [1] Market Demand - Despite some customers deferring year-end deliveries into 2026, a 20% sequential growth in new sales backlog indicates resilient underlying demand [1]