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Sep 30, 2020
Alta Q3 2020 Earnings Report
Alta's financial performance increased with revenue growth and strategic acquisitions.
Key Takeaways
Alta Equipment Group Inc. reported a strong third quarter with a 47.3% increase in net revenues to $220.6 million and a net income of $0.3 million, a significant improvement from the previous year's net loss. The company's growth was bolstered by increased customer demand and strategic acquisitions in the Midwest region. Adjusted EBITDA grew to $21.9 million.
Net revenues increased by 47.3% year over year, reaching $220.6 million.
Gross profit increased by 28.3% to $56.7 million compared to $44.2 million last year.
Net income improved to $0.3 million from a net loss of $(27.4) million last year.
Adjusted EBITDA grew to $21.9 million compared to $21.7 million last year.
Alta
Alta
Forward Guidance
Alta anticipates a strong finish to the year and is excited to enter next year with momentum, further differentiating and integrating its dealership and rental model, and capitalizing on the investments made in 2020.
Positive Outlook
- Increased customer demand in material handling and construction businesses
- Return to close to pre-pandemic levels of operation and labor utilization
- Judicious expansion of skilled labor force during the quarter
- Addition of two recent acquisitions in the Midwest
- Further penetration into a strategic growth market