Alta Equipment Group Inc Stock Price, News & Analysis

Alta Equipment Group Inc. (NYSE: ALTG) has announced a definitive agreement to acquire Ginop Sales, Inc., enhancing its construction equipment portfolio in Michigan. This acquisition, which will be finalized by year-end 2021, expands Alta's footprint to ten locations in the state and strengthens its relationship with Kubota, a leading OEM. Ginop, established in 1959, generated approximately $65 million in revenue and $6.5 million in adjusted EBIT for the trailing-twelve-month period ending August 2021.

Alta Equipment Group Inc. (NYSE: ALTG) has announced a definitive agreement to acquire the assets of Ambrose Equipment, a leading asphalt equipment dealer in New England. This acquisition, which is expected to close before year-end, will expand Alta's footprint to 39 locations across 10 states. Ambrose generated approximately $35 million in revenue and has an adjusted EBITDA of $3.1 million for the trailing twelve-month period ended August 2021. This strategic move enhances Alta's diverse equipment portfolio and service capabilities in the region.

Alta Equipment Group Inc. (NYSE: ALTG) announced its acquisition of Midwest Mine Services, enhancing its engineering and design capabilities in the construction sector. Midwest Mine Services, based near Toledo, Ohio, specializes in aggregate processing plants and is well-established in the U.S. market, generating approximately $17 million in revenue and $1.3 million in adjusted EBITDA for the trailing twelve months. The acquisition, expected to close in Q4 2021, will drive synergies and expand Alta's OEM relationships.

Alta Equipment Group reported Q3 2021 financial results with a 33.7% year-over-year increase in net revenues to $295.0 million. Construction and Material Handling revenue reached $184.7 million and $110.3 million, respectively. The adjusted EBITDA grew 43.4% to $31.4 million. However, the company incurred a net loss of $(0.5) million, compared to a profit of $0.3 million in the previous year. Full-year adjusted EBITDA guidance was revised to $113 million to $116 million.

Alta Equipment Group (NYSE: ALTG) is set to release its third quarter financial results on November 11, 2021, after U.S. market close. A conference call and webcast will follow at 5:00 p.m. Eastern Time to discuss the results. The company operates an extensive dealership platform across multiple states, offering a variety of material handling and construction equipment services. With over 55 locations in states including Michigan, Illinois, and Florida, Alta aims to provide comprehensive equipment solutions to its customers.

Alta Equipment Group Inc. (NYSE: ALTG) will host the Innovate 21 conference at Gillette Stadium, Foxboro, MA, on October 14, 2021. This event showcases advancements in robotics, automation, and electrification, featuring the Nikola Tre, a Class 8 Battery-Electric Vehicle (BEV). As Nikola's exclusive dealer for Class 8 BEV/FCEV trucks in several states, Alta plans to start large-scale production of the Tre BEV by Q1 2022, which boasts a 753kWh battery pack, enabling a range of 350 miles and a charging time of around 120 minutes.

Alta Equipment Group Inc. (NYSE: ALTG) has announced a quarterly dividend of $0.625 per share on its Series A Cumulative Perpetual Preferred Stock. This dividend is set for distribution on November 1, 2021, to shareholders recorded by October 15, 2021. The company is a key player in the U.S. material handling and construction equipment sector, with over 55 locations across multiple states, providing a comprehensive suite of services and products.

Alta Equipment Group Inc. (NYSE: ALTG) is set to participate in virtual investor meetings and a fireside chat at the DA Davidson 20th Annual Diversified Industrials & Services Conference on September 22, 2021, at 9:30 a.m. Eastern time. CEO Ryan Greenawalt and CFO Tony Colucci will represent the company. A live webcast and replay will be available on the company's investor relations website.

Alta is a leading provider in the U.S., operating 56 locations across several states, specializing in material handling and construction equipment.

Alta Equipment Group Inc. (NYSE: ALTG) has announced its acquisition of Gibson Machinery, LLC, expanding its reach to 32 locations across eight states, including a new presence in Northern Ohio. Gibson, based in Oakwood Village, specializes in heavy equipment and provides services like rentals and financing. The deal, which is expected to close by late Q3 or early Q4 2021, comes after Gibson reported approximately $19 million in revenue and $3.2 million in adjusted EBITDA as of June 2021, enhancing Alta's product offering and customer service capabilities.