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Jun 30, 2020
Alta Q2 2020 Earnings Report
Alta Equipment Group Inc. reported an increase in net revenues and adjusted EBITDA, but a net loss compared to net income in the same quarter last year.
Key Takeaways
Alta Equipment Group Inc. reported a 41.4% increase in net revenues to $192.1 million and a 19.2% increase in Adjusted EBITDA to $19.9 million for the second quarter of 2020. However, the company reported a net loss of $(4.1) million compared to a net income of $0.4 million in the same period last year. The company also announced three acquisitions to further penetrate existing markets and expand its geographic footprint.
Net revenues increased 41.4% year-over-year to $192.1 million.
Industrial and Construction revenues were $95.1 million and $97.0 million, respectively.
Gross profit increased 19.9% to $46.3 million from $38.6 million in last year’s second quarter.
Adjusted EBITDA grew 19.2% to $19.9 million for the second quarter of 2020.
Alta
Alta
Forward Guidance
The company entered the second half of the year operating at pre-COVID-19 levels and announced three accretive acquisitions aligned with its growth strategy.
Positive Outlook
- Operating at pre-COVID-19 levels.
- Announced three accretive acquisitions.
- Acquisitions increase existing market presence.
- Acquisitions expand geographic footprint.
- Acquisitions provide a greater presence in e-commerce, warehousing and logistics markets.