Alta Equipment Group, Inc. ( (ALTG) ) has released its Q3 earnings. Here is a breakdown of the information Alta Equipment Group, Inc. presented to its investors.
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Alta Equipment Group Inc. is a prominent North American integrated equipment dealership platform, specializing in the sale, rental, and service of a wide range of construction and material handling equipment, with a robust branch network across multiple U.S. states and Canadian provinces.
In the third quarter of 2024, Alta Equipment Group reported a decrease in total revenues by $17.4 million year-over-year, reaching $448.8 million. The company experienced a notable decline in new and used equipment sales, amid market uncertainties affecting customer investment decisions.
Despite the drop in total revenues, Alta’s product support segment showed resilience, recording a 7.8% increase in revenues to $140.2 million, underscoring the strength of its diverse revenue streams. Additionally, the company made strides in improving its balance sheet by reducing net debt by $38.7 million during the quarter. The Material Handling segment remained steady, supported by a strong backlog.
Looking ahead, Alta Equipment Group remains optimistic about 2025, anticipating an improvement in construction equipment demand due to potentially easing interest rates and favorable lending conditions. The company also plans to capitalize on opportunities in the expanding electric vehicles market and has increased its share buyback program to potentially enhance shareholder value.
