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Alta Equipment Group Inc. - ALTG STOCK NEWS

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. (NYSE: ALTG) is a premier provider of industrial forklifts, heavy construction equipment, and warehouse solutions in the Midwest. The company’s core commitment is to deliver exceptional service that surpasses customer expectations. By continuous investment in their people, products, and facilities, Alta ensures excellent value and consistent service to its clientele.

Alta Equipment offers a diverse range of products including forklifts, wheel loaders, excavators, pavers, and materials handling products, such as pallet racking, ergonomic equipment, and modular building systems. Core brands under Alta’s portfolio include Hyster and Yale lift trucks, Volvo construction equipment, Combilift forklifts, Link-Belt cranes, and Gomaco concrete pavers.

The company’s operations are divided into two primary segments: Material Handling and Construction Equipment. The Material Handling segment focuses on the sale, service, and rental of lift trucks across several states including Michigan, Illinois, Indiana, New York, Virginia, and the New England states. The Construction Equipment segment handles the sale, service, and rental of heavy construction machinery, operating in Michigan, Indiana, Illinois, Ohio, New York, Florida, and the New England states.

Alta Equipment supports customer needs through a rental fleet of over 1,250 units, a vast inventory of used equipment, flexible fleet maintenance options, operator and technician training courses, and various financing options. The company has achieved significant growth through strategic acquisitions, with 16 acquisitions completed since 2020, contributing significantly to revenue and adjusted EBITDA.

Recently, Alta Equipment announced fourth-quarter and full-year financial results for 2023, showcasing a 21.7% increase in total revenues to $521.5 million for the fourth quarter and a 19.4% rise to $1.9 billion for the year. Despite a net loss available to common stockholders, the company demonstrated substantial progress in revenue growth across its segments, driven by a robust market for its products and services.

Alta Equipment continues to expand its market presence and product portfolio, with over 85 locations across the U.S. and Canada. Notable recent achievements include board-approved quarterly dividends and strategic adjustments to their financial structure to support continued growth and operational efficiency. The company’s CEO, Ryan Greenawalt, emphasizes their diversified growth strategy, strong market indicators, and commitment to providing superior customer support as key drivers for future success.

For more detailed information, visit Alta Equipment's official website.

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Alta Equipment Group Inc. (NYSE: ALTG) will release its financial results for Q1 ended March 31, 2021, on May 13, 2021, after market close. A conference call will follow at 5:00 p.m. Eastern Time for management to discuss and answer questions regarding the results. The audio replay will be available until May 27, 2021. Alta operates one of the largest integrated equipment dealership platforms in the U.S. with 55 locations across various states, offering a wide range of specialized equipment and services.

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Alta Equipment Group Inc. (NYSE: ALTG) has announced its first dividend of $888.89 per share on its Series A Cumulative Perpetual Preferred Stock, approved by the Board of Directors. The dividend is payable on April 30, 2021, to shareholders of record on April 15, 2021. Alta operates one of the largest integrated equipment dealership platforms in the U.S., offering a wide range of material handling and construction equipment services through its 55 locations across several states, including Michigan and Florida.

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Alta Equipment Group Inc. (NYSE: ALTG) has priced its private offering of $315 million in 5.625% senior secured second lien notes due 2026, increasing from the previously announced $300 million. The offering is set to close on April 1, 2021, pending customary conditions. The notes are secured by a second lien on the company's assets and will be guaranteed by all subsidiaries. Proceeds will be used to repay existing debts and for corporate purposes. The company plans to refinance senior credit obligations under new credit agreements totaling $390 million.

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Alta Equipment Group Inc. (NYSE: ALTG) announced a private offering of $300 million in senior secured second lien notes due 2026. This offering is exempt from registration under the Securities Act. The notes are guaranteed by all subsidiaries and secured by a second lien on the company's assets. Concurrently, Alta plans to refinance its existing senior credit obligations through a $350 million amended credit agreement and a $40 million floor plan financing agreement. Proceeds will be used to repay existing debt, cover offering expenses, and for general corporate purposes.

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Alta Equipment Group reported strong financial performance for Q4 2020, with net revenues reaching $280.4 million, a 65.5% increase year-over-year. Key growth areas include new and used equipment sales, which surged by 74.3%, and rental equipment sales, which skyrocketed by 148.1%. The company completed seven acquisitions in 2020, enhancing its market presence and product offerings. Despite these gains, net loss for the quarter was $3.2 million, significantly lower than the previous year's loss, reflecting improved operational efficiency. Alta anticipates continued growth in 2021 driven by positive market trends.

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Alta Equipment Group (NYSE: ALTG) is set to release its financial results for Q4 and the full year ending December 31, 2020, after market close on March 18, 2021. A conference call will follow at 5:00 p.m. ET to discuss these results, with additional details available on their Investor website. Alta operates a large integrated equipment dealership platform across various U.S. states, focusing on material handling and construction equipment, with a network of 55 locations and extensive service offerings.

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Alta Equipment Group Inc. (NYSE: ALTG) announced the successful closing of its underwritten public offering of 1,190,000 depository shares, plus an additional 10,000 due to the underwriters' over-allotment, raising $30,000,000 at $25 per share. Each share represents a 1/1000th interest in the company's 10.00% Series A Cumulative Perpetual Preferred Stock. The net proceeds will fund growth, acquisitions, and general corporate purposes. Trading under the symbol 'ALTG PRA' is expected to begin within 30 business days.

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Alta Equipment Group Inc. (NYSE: ALTG) announced a definitive agreement to acquire Vantage Equipment, a construction equipment dealer operating in New York, in an asset sale. Vantage, founded in 2004, generated approximately $41 million in revenue with an adjusted EBITDA of $4.7 million in the last twelve months. This acquisition marks Alta's seventh since going public, aligning with its strategy to diversify its customer base and expand in the New York market. The transaction is expected to close by year-end 2020, subject to customary conditions.

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Alta Equipment Group Inc. (NYSE: ALTG) announced the pricing of its public offering of 1,190,000 depository shares at $25 each, raising $29.75 million before deductions. These shares represent 1/1000th interest in its 10.00% Series A Cumulative Perpetual Preferred Stock. The underwriters have a 30-day option to purchase an additional 10,000 shares. The offering is set to close around December 22, 2020. Proceeds will fund growth initiatives, including acquisitions. Trading of the Preferred Stock is expected to begin under the symbol “ALTG PRA” if approved.

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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.

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FAQ

What is the current stock price of Alta Equipment Group (ALTG)?

The current stock price of Alta Equipment Group (ALTG) is $8.06 as of December 4, 2024.

What is the market cap of Alta Equipment Group (ALTG)?

The market cap of Alta Equipment Group (ALTG) is approximately 268.0M.

What does Alta Equipment Group Inc. specialize in?

Alta Equipment Group Inc. specializes in industrial forklifts, heavy construction equipment, and warehouse solutions, providing sales, service, and rental of equipment.

What are the main segments of Alta Equipment Group Inc.?

The main segments are Material Handling and Construction Equipment, focusing on sales, service, and rental of lift trucks and construction machinery.

Where does Alta Equipment Group Inc. operate?

Alta Equipment operates across the Midwest, Eastern U.S., and parts of Canada, with over 85 locations in states like Michigan, Illinois, Indiana, Ohio, and more.

What brands does Alta Equipment Group Inc. represent?

Alta represents brands such as Hyster, Yale, Volvo, Combilift, Link-Belt, and Gomaco, offering a range of equipment from lift trucks to concrete pavers.

What recent financial achievements has Alta Equipment Group Inc. reported?

Alta Equipment reported a 21.7% increase in revenues in Q4 2023, with total revenues reaching $521.5 million for the quarter and $1.9 billion for the year.

What are some recent developments for Alta Equipment Group Inc.?

Recent developments include quarterly dividends approval, financial results announcements, and strategic acquisition integrations contributing to revenue growth.

How does Alta Equipment Group Inc. support its customers?

Alta supports customers with a rental fleet, used equipment inventory, fleet maintenance options, training courses, and various financing solutions.

What growth strategy is Alta Equipment Group Inc. pursuing?

Alta is focused on organic growth, strategic acquisitions, expanding market share, enhancing product portfolio, and investing in rental fleets and new territories.

What is Alta Equipment Group Inc.'s approach to customer service?

Alta prioritizes providing outstanding service that exceeds customer expectations, ensuring excellent value and consistent service through investment in people, products, and facilities.

Where can I find more information about Alta Equipment Group Inc.?

More information can be found on Alta Equipment's official website at www.altaequipment.com.

Alta Equipment Group Inc.

NYSE:ALTG

ALTG Rankings

ALTG Stock Data

268.05M
20.19M
26.59%
68.8%
9.2%
Rental & Leasing Services
Wholesale-industrial Machinery & Equipment
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United States of America
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