Alta Equipment Group reports Q2 EPS19c, consensus 10c

Reports Q revenue $468.4M, consensus $461.81M.Ryan Greenawalt, Chief Executive Officer of Alta, said, “We delivered record second quarter results and remain positive on our outlook for the balance of this year and into 2024, as demand remains strong in our major end user markets. Our versatile and resilient business model is unique in the industry, as we offer the most expansive product offering and serve a diversified customer base across a vast range of industries. Our focus on driving and sustaining long-term equipment field population continues as we increased our number of factory trained and revenue producing technicians to approximately 1,300 at quarter end.” Mr. Greenawalt continued, “Equipment supply chain issues continued to improve in the quarter and, as a result, we have invested in fleet and our inventory levels are returning to more normalized, pre-Covid levels, as we ensure equipment availability for our customers to meet their needs. Our ability to take delivery of new equipment from OEMs in the first half of 2023 was the primary driver of the $105.3 million increase in new and used equipment sales when compared to the same period for last year. In terms of our business segments, Construction and Material Handling both delivered solid year-over-year revenues growth and we expect those trends to continue. Our focus on electrification of commercial vehicles, while in its infancy, is beginning to take traction as we generated $3.1 million in revenues during the quarter with our first sale of Nikola’s TRE BEV tractors and complimentary charging units. Customer adoption is ongoing and increasing and we expect additional orders throughout the balance of this year.”