06:38 AM EDT, 05/24/2024 (MT Newswires) -- Tornado Global Hydrovacs ( TGHLF ) overnight Thursday said first-quarter earnings rose, driven mainly by increased revenue.

The company reported first-quarter net income of $2.4 million, or $0.018 per diluted share, more than tripling from $785,000, or $0.006 per diluted share, a year earlier.

Revenue for the quarter ended March 31 was $33.9 million, up 61% from $21.1 million a year earlier.

The increase in revenue was because of the positive impact of the Supply Contract with Ditch Witch; the increase in sales from the exclusive sales arrangement with Custom Truck One Source; the increase in sales pricing to customers; the increase in the number of hydrovac trucks sold; and the increase in demand for hydrovac trucks in North America.

Looking ahead, the company expects the production and sales of hydrovac trucks and profitability to continue to grow through the remainder of the year.