Alta Equipment Group Inc Stock Price, News & Analysis

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.

Alta Equipment Group Inc. (NYSE: ALTG) has announced the acquisition of Baron Industries, a leading dock and door service provider based in Woburn, MA, for under $2 million. This acquisition aims to enhance Alta's capabilities in the loading dock and door equipment sector across New England. Baron reported approximately $6 million in revenue and $400,000 in adjusted EBITDA for the last fiscal year. The deal includes an $800,000 goodwill premium, and is part of Alta’s strategy to expand its warehousing and logistics offerings.

Alta Equipment Group reported strong financial results for Q2 2021, with revenues reaching $292.7 million, a 52.4% increase year-over-year. Key drivers included new and used equipment sales, which grew 38.8%, and a significant rise in parts sales, up 56.9%. Gross profit increased by 66.1% to $76.9 million. The company completed the integration of prior acquisitions, enhancing operational efficiency. With a record backlog and guidance for adjusted EBITDA of $110-$115 million for 2021, Alta is well-positioned for growth.

Alta Equipment Group Inc. (NYSE: ALTG) has entered into a dealer agreement with Nikola Corporation (NASDAQ: NKLA) to sell and service medium and long-haul Class 8 electric vehicles in the northeastern U.S. This partnership enhances Alta's eMobility strategy and aims to fulfill the rising demand for zero-emission commercial vehicles, particularly as states push for reduced greenhouse gas emissions. The agreement positions Alta to leverage its existing expertise and infrastructure in electric vehicle services.