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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.
Alta Equipment Group Inc. (NYSE: ALTG) has expanded its dealership territory to include Arizona for Nikola Corporation (NASDAQ: NKLA), focusing on zero-emissions vehicles. This agreement replaces Empire Transport and enhances Alta's existing presence in the northeastern U.S. The Tre battery-electric vehicle will be the first Nikola product sold in this territory. Alta's CEO, Ryan Greenawalt, emphasizes the market potential in Arizona for electric vehicles, while Nikola's President, Pablo Koziner, highlights the importance of local dealers as production ramps up in 2022.
Alta Equipment Group (NYSE: ALTG) will reschedule its fourth quarter and full year 2021 earnings release and conference call to March 31, 2022, at 5:00 p.m. Eastern Time. This announcement follows the company's transition to an accelerated filer status after December 31, 2021, which requires a filing deadline of 75 days for its Form 10-K. Alta has submitted a 12b-25 notification to the SEC for a 15-day extension on its filing. The earnings call will be accessible via live call and webcast, and the audio replay will be available until April 14, 2022.
Alta Equipment Group Inc. (NYSE: ALTG) will report its financial results for Q4 and full year ending December 31, 2021, after U.S. markets close on March 16, 2022. Following this, Alta management will host a conference call and webcast at 5:00 p.m. ET to discuss the results. The audio replay will be available until March 30, 2022. Alta operates a large integrated equipment dealership platform in the U.S., with over 60 locations across several states, providing a one-stop-shop for material handling and construction equipment.
Alta Equipment Group Inc. (NYSE: ALTG) announced a quarterly dividend of $0.625 per share on its Series A Cumulative Perpetual Preferred Stock. The dividend payment date is set for January 31, 2022, with shareholders of record on January 15, 2022. This announcement reaffirms Alta's commitment to returning value to shareholders by maintaining consistent dividend payments. Alta operates one of the largest integrated equipment dealership platforms in the U.S., providing various material handling and construction equipment solutions across multiple states.
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.
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