LIVONIA, Mich. - Alta Equipment Group Inc. (NYSE: NYSE:ALTG), a prominent provider of premium material handling and construction equipment, announced its financial results for the fourth quarter ended December 31, 2023.
The company reported a notable increase in total revenues, which rose 21.7% to $521.5 million from the same quarter last year, surpassing the analyst consensus estimate of $483.69 million.
Adjusted earnings per share (EPS) for the quarter were $0.03, which was a significant beat compared to the analyst estimate of a loss of $0.01 per share. However, this figure represents a decline from the adjusted EPS of $0.10 reported in the same quarter of the previous year. The company also reported a net loss available to common stockholders of -$2.7 million, compared to -$1.5 million in the fourth quarter of 2022.
CEO Ryan Greenawalt attributed the company's robust quarterly performance to the continued momentum in their business, leading to solid financial and operating results. He highlighted the growth in total revenues and the expansion of the high-margin parts and service business, which saw a 17.7% increase to $519.6 million for the year.
Greenawalt also mentioned the company's successful diversified growth strategy, which includes organic growth and contributions from 16 acquisitions since 2020.
Despite the positive revenue growth, the stock movement following the earnings release was not provided, nor was the driver of the move. Therefore, no specific market reaction can be reported.
Looking ahead, Alta Equipment Group provided full-year financial guidance for 2024, expecting to report adjusted EBITDA between $207.5 million and $217.5 million. This guidance suggests a positive outlook, with industry indicators supporting expectations for continued growth in the coming year.
The company's full-year results also showed a significant increase in total revenues year over year, rising to $1.9 billion, a 19.4% increase. Net income available to common stockholders for the full year was $5.9 million, a slight decrease from $6.3 million in 2022. Adjusted EBITDA for the year grew by 21.1% to $191.4 million, exceeding the guidance midpoint and indicating strong operational performance.
Alta Equipment Group's financial results reflect a company that is experiencing growth in its core business segments and leveraging strategic acquisitions to enhance its market position. The company appears poised for continued success in the upcoming fiscal year, with a positive industry outlook and a focus on growth and operating leverage.
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