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Sep 30, 2024
Alta Q3 2024 Earnings Report
Alta reported a net loss impacted by market uncertainty and discrete tax expense.
Key Takeaways
Alta Equipment Group reported a decrease in total revenues to $448.8 million, impacted by uncertainty in end-user markets and a $14.0 million discrete tax expense. Despite challenges in equipment sales, the product support business performed well, and the company reduced net debt by $38.7 million. The Board of Directors approved an increase to the share buyback authorization from $12.5 million to $20.0 million.
Total revenues decreased to $448.8 million year over year.
Construction Equipment and Material Handling revenues were $262.3 million and $168.9 million, respectively.
Product support revenues increased 7.8% year over year, with Parts sales increasing to $75.6 million and Service revenues increasing to $64.6 million.
Net loss available to common stockholders of $(28.4) million, or $(0.86) per share.
Revenue by Segment
Forward Guidance
The Company updates our guidance range and now expects to report Adjusted EBITDA between $170.0 million and $175.0 million for the 2024 fiscal year.
Positive Outlook
- Construction equipment spending to be positively impacted by easing interest rates and more favorable lending conditions.
- Infrastructure related project pipelines continue to be significant and still in the early stages
- State DOT budgets are forecast to remain elevated in 2025.
- Strong relationship with Hyster-Yale
- Unmatched product support capabilities and resilient and diversified end markets will result in continued gains in market share in 2025.
Challenges Ahead
- Ongoing uncertainty in our end-user markets as it relates to customers committing to capital investment and purchasing new equipment.
- Oversupply of new equipment
- Challenging market in 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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