UPDATE: Alta Equipment Group (ALTG) Reports Q4 Revenues Beat
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(Updated - March 18, 2021 4:12 PM EDT)
Alta Equipment Group (NYSE: ALTG) reported Q4 revenue for the quarter came in at $280.4 million versus the consensus estimate of $224.1 million.
Fourth Quarter 2020 Financial Highlights
- Net revenues increased 65.5% year over year to $280.4 million
- Construction and Material Handling revenue of $151.5 million and $128.9 million, respectively
- Gross profit increased 54.1% year over year to $64.4 million
- Net loss of $(3.2) million
- Adjusted EBITDA* grew 27.5% to $24.6 million compared to $19.3 million last year
- Completed two acquisitions solidifying presence in New York State and Midwest construction markets
Ryan Greenawalt, Chief Executive Officer of Alta, said “Our strong fourth quarter operating performance and financial results capped off an incredibly successful year for Alta. In the fourth quarter, we saw continued improvement in our Material Handling and Construction businesses as our recovery from the pandemic continues to take hold. Labor utilization improved over the third quarter and the demand for rental equipment rebounded. In looking at the full year, we were able to persevere in a difficult and unprecedented time through the dexterity of our business model and operational discipline. We were also able to complete seven accretive acquisitions that increased our existing market presence, expanded our product lines and OEM relationships, and complemented our organic growth.”
Mr. Greenawalt continued, “We’re encouraged by the positive trends in customer demand. We’ve re-branded our Material Handling business and added new services that will enable us to uniquely serve the fast-growing warehousing and logistics end markets. We believe the investments we made in technology, products, and people, combined with structural tailwinds in infrastructure and e-commerce, position us well to deliver increased financial results in 2021.”
For earnings history and earnings-related data on Alta Equipment Group (ALTG) click here.
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