Welcome to our dedicated page for Alta Equipment Group news (Ticker: ALTG), a resource for investors and traders seeking the latest updates and insights on Alta Equipment Group stock.
Alta Equipment Group Inc. reports recurring developments for an integrated equipment dealership platform in North America. The company sells, rents, and supports specialized equipment across Material Handling, Construction Equipment, and Master Distribution activities, including lift trucks, earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes, aerial work platforms, paving and asphalt equipment, parts, and service.
Company news centers on quarterly operating results, segment revenue trends, equipment sales, product support margins, rental fleet activity, interest expense, inventory and credit-line management, preferred stock dividends, and governance matters such as board observer agreements.
Alta Equipment Group (NYSE: ALTG) has filed a Form S-1/A registration statement with the SEC for a public offering of depositary shares, each representing a 1/1000th interest in Series A Cumulative Perpetual Preferred Stock, valued at $25.00 per share. The offering aims to fund growth, including acquisitions and corporate purposes. Joint book-running managers include B. Riley and D.A. Davidson & Co. The company has deployed $151 million in capital since going public, yielding approximately $34 million in adjusted EBITDA, enhancing its market position.
Alta Equipment Group Inc. (NYSE: ALTG) reported robust financial results for Q3 2020, with net revenue reaching $220.6 million, a 47.3% increase from $149.8 million in Q3 2019. Gross profit rose 28.3% to $56.7 million. Significant growth was noted in parts and service revenue, contributing $71.0 million. CEO Ryan Greenawalt expressed optimism for a strong year-end, citing increased customer demand and recent acquisitions, including Howell Tractor and Martin Implement. The company anticipates leveraging its investments for further growth.
Alta Equipment Group Inc. (NYSE: ALTG) announced its acquisition of Howell Tractor and Equipment, LLC, a prominent heavy equipment dealer in Northern Illinois and Northwest Indiana. Howell Tractor, operational since 1943, generated approximately $33.1 million in revenue and had an adjusted EBITDA of about $5.0 million over the last twelve months. The acquisition, aimed at enhancing Alta's service offerings and market presence, is expected to close in Q4 2020, pending customary conditions.