Alta Equipment Group reports Q3 adjusted EPS 36c, consensus 5c

Reports Q3 revenue $466.2M, consensus $465.62M. Ryan Greenawalt, CEO of Alta, said “Our diversified end-user markets remain strong despite macroeconomic headwinds. Given this solid demand, and operational excellence from the Alta team, we achieved strong results during the third quarter. All our business segments continue to perform well. Our Construction segment new and used equipment sales continue to benefit from the increased availability of equipment from our OEM partners which is evidenced by the 19.3% organic growth this quarter when compared to the third quarter of 2022. Demand for material handling equipment also remains strong as we continue to work off of a high level of equipment sales backlog in that segment. Between all segments, we have sold nearly $149M more new and used equipment into field population year to date than we did for the same period in 2022, which we know will correlate to future high-margin product support revenues. To that end, our product support revenues increased 12.1% from a year ago as we continue to support an ever increasing field population and provide our customers with reliable service through our more than 1,300 skilled technicians.”