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- Total revenues increased 37.3% year over year to $405.0 million<\/i><\/li>\n
- Construction and Material Handling revenue of $249.7 million and $155.3 million, respectively<\/i><\/li>\n
- Product Support revenue increased $29.4 million year over year to $116.1 million<\/i><\/li>\n
- Conditions in the Company\u2019s end-user markets remain strong driving continued growth<\/i><\/li>\n
- Net income of $4.4 million available to common shareholders compared to a loss of $(0.6) million in 2021<\/i><\/li>\n
- Basic and diluted net income per share of $0.14 compared to loss of $(0.02) in 2021<\/i><\/li>\n
- Adjusted basic and diluted net income per share* of $0.18 compared to $0.01 in 2021<\/i><\/li>\n
- Adjusted EBITDA* grew 39.2% to $44.0 million, compared to $31.6 million in 2021<\/i><\/li>\n<\/ul>\n
LIVONIA, Mich.–(BUSINESS WIRE<\/a>)–
\nAlta Equipment Group Inc. (\u201cAlta\u201d or the \u201cCompany\u201d) (NYSE: ALTG), a leading provider of premium material handling and construction equipment and related services, today announced financial results for the third quarter ended September 30, 2022.\n<\/p>\nCEO Comment:<\/b><\/p>\n
\nRyan Greenawalt, Chief Executive Officer of Alta, said \u201cWe are extremely pleased with our third quarter performance as our financial and operational results continue to reflect our unique position in the market and successful growth initiatives. Total revenues increased37.3%, or $110.0million, to $405.0million. As of the end of the third quarter, we have generated $1.1 billion in total revenue, roughly equal to our total revenue for full-year 2021. Our trajectory for Adjusted EBITDA also continues to grow, up 39.2% versus the year ago quarter and has nearly surpassed 2021 levels on a year-to-date basis. We also continued to achieve GAAP net income this quarter versus a loss a year ago. Our M&A strategy is proving very successful and is significantly contributing to our accelerated growth. Overall, the third quarter continued to reflect the consistency in our business and the stability in our end-user markets.\u201d\n<\/p>\n
\nRegarding business conditions, Mr. Greenawalt noted, \u201cWhile certain segments of the economy are slowing, our flexible business model, broad-based market exposure and the breadth of our product portfolio helps protect our business from swings in macro trends as proven by our consistently strong growth thus far this year. Customer sentiment is an indicator we constantly monitor, and it remains positive for the balance of this year and into 2023. On a longer-term basis, we also remain encouraged as several federal initiatives are likely to positively impact the extension of the cycle including the $550 billion infrastructure bill, and the Chips and Inflation Reduction Acts, which support an intensified effort on manufacturing and renewable projects in the United States.\u201d\n<\/p>\n
\nIn conclusion, Mr. Greenawalt commented, \u201cAs demonstrated by our financial results and recent transactions, our growth strategy remains very much intact, and the pipeline remains robust. On a trailing twelve-month basis, our acquisitions since the IPO have added $440.0 million in revenue and a significant amount of EBITDA to the enterprise. Our acquisition of Yale Industrial Trucks, Inc., a privately held Yale lift truck dealer with five locations in southeastern Canada, is progressing very well and we have added several new OEMs to expand our product portfolio to further support our customers\u2019 needs. We recently closed our acquisition of Ecoverse Industries, which provides us with the master dealer rights to distribute best-in-class environmental equipment and parts to dealers and customers throughout North America. This immediately positions Alta as an industry leader in the rapidly growing market of eco-friendly waste solutions and material recycling, which we believe represents a significant opportunity for our business.\u201d\n<\/p>\n
Full Year 2022 Financial Guidance<\/b>:\n<\/p>\n
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- \nThe Company is increasing its guidance range and currently expects to report Adjusted EBITDA between $155 million and $158 million, net of new equipment floorplan interest, for the full year 2022. This is an increase from between $147 million and $152 million, as previously expected.\n<\/li>\n<\/ul>\n
- Construction and Material Handling revenue of $249.7 million and $155.3 million, respectively<\/i><\/li>\n
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