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.
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.
Alta Equipment Group (NYSE: ALTG), a prominent provider of material handling and construction equipment, announced participation in the Jefferies Virtual Industrials Conference on August 3, 2021, at 2:30 p.m. Eastern. CEO Ryan Greenawalt and CFO Tony Colucci will present during virtual investor meetings. A live webcast and replay will be available on their investor relations website, offering insights into the company's operations and strategies. With 36 years in the industry, Alta operates a significant dealership network across multiple states, providing comprehensive equipment solutions.
Alta Equipment Group Inc. (NYSE: ALTG) will report its Q2 2021 financial results on August 12, 2021, after market close. A conference call and webcast will follow at 5:00 p.m. Eastern Time for management to discuss the results. Investors can access the press release and a supplementary presentation on Alta's website. The company operates a significant equipment dealership network across the U.S. with 55 locations, offering a broad range of specialized equipment and related services.
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 will be paid to shareholders of record as of July 15, 2021, with a payment date set for August 2, 2021. Alta operates a significant equipment dealership platform across several U.S. states and offers a diverse range of material handling and construction equipment.
Alta Equipment Group Inc. (NYSE: ALTG) reported financial results for Q1 2021, showing a 48.9% increase in net revenue to $268.8 million, driven by strong demand and higher sales across equipment, parts, and services. Adjusted EBITDA reached $22.9 million. The company raised $315 million to enhance its capital structure, supporting future growth. Product support revenue grew 36.0% year-over-year, indicating a robust recurring revenue stream. Full-year Adjusted EBITDA guidance is expected between $110 million to $115 million, representing a 35.5% increase over 2020.
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