Core Viewpoint - Alta Equipment reported a quarterly loss of $0.86 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.22, marking an earnings surprise of -290.91% [1] - The company's revenues for the quarter were $448.8 million, missing the Zacks Consensus Estimate by 6.71% and down from $466.2 million year-over-year [2] Financial Performance - Over the last four quarters, Alta Equipment has consistently failed to meet consensus EPS estimates [2] - The company has topped consensus revenue estimates only twice in the last four quarters [2] - Year-to-date, Alta Equipment shares have declined by approximately 31.6%, contrasting with a 25.8% gain in the S&P 500 [3] Future Outlook - The future performance of Alta Equipment's stock will largely depend on management's commentary during the earnings call and the earnings outlook [4] - Current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $516.81 million, and for the current fiscal year, it is -$1.08 on revenues of $1.93 billion [7] Industry Context - The Manufacturing - General Industrial industry, to which Alta Equipment belongs, is currently ranked in the bottom 44% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Alta Equipment's stock performance [5][6]

Revenue Performance - Total revenues for the three months ended September 30, 2024, were $448.8 million, a decrease of 3.2% compared to $466.2 million in the same period of 2023[9]. - New and used equipment sales decreased to $219.8 million in Q3 2024 from $253.6 million in Q3 2023, representing a decline of 13.3%[9]. - Parts sales increased to $75.6 million in Q3 2024, up 8.8% from $69.5 million in Q3 2023[9]. - Service revenues rose to $64.6 million in Q3 2024, an increase of 6.6% compared to $60.6 million in Q3 2023[9]. - Total revenues for the nine months ended September 30, 2024, were $448.8 million, compared to $466.2 million for the same period in 2023, reflecting a decrease of approximately 3.2%[27]. - Total revenues for the nine months ended September 30, 2024, were $1,355.3 million, a decrease of 1.7% compared to $1,378.5 million for the same period in 2023[81]. Profitability and Loss - Net loss for the three months ended September 30, 2024, was $27.7 million, compared to net income of $7.4 million in the same period of 2023[12]. - Basic loss per share for Q3 2024 was $(0.86), compared to earnings of $0.21 per share in Q3 2023[9]. - Comprehensive loss income for Q3 2024 was $(28.7) million, compared to $7.0 million in Q3 2023[12]. - The company reported a net loss of $11.9 million for the nine months ended September 30, 2024[13]. - The net loss for the nine months ended September 30, 2024, was $51.5 million, compared to a net income of $10.8 million for the same period in 2023[16]. Expenses and Costs - Total cost of revenues for Q3 2024 was $324.2 million, down from $340.1 million in Q3 2023, a decrease of 4.3%[9]. - Gross profit for the three months ended September 30, 2024, was $124.6 million, slightly down from $126.1 million in Q3 2023[9]. - The company reported an increase in general and administrative expenses to $110.6 million in Q3 2024, up from $106.8 million in Q3 2023[9]. - Operating expenses increased by $5.6 million to $117.8 million for the three months ended September 30, 2024, primarily driven by the full period impact from 2023 acquisitions[98]. - The company reported depreciation and amortization expenses of $109.8 million for the nine months ended September 30, 2024, up from $96.1 million in the prior year[16]. Cash Flow and Liquidity - Net cash provided by operating activities was $22.1 million, a significant improvement from a net cash used of $23.1 million in the prior year[16]. - The cash balance at the end of the period was $14.6 million, down from $31.0 million at the beginning of the year[16]. - The company experienced a net cash used in investing activities of $48.0 million, an improvement from $56.9 million in the prior year[16]. - Cash used in investing activities was $48.0 million for the nine months ended September 30, 2024, primarily due to $59.2 million in purchases of rental equipment[116]. - Cash provided by financing activities was $9.7 million for the nine months ended September 30, 2024, mainly due to $353.5 million of net proceeds from the line of credit and long-term borrowings[116]. Equity and Stockholder Information - Total stockholders' equity at June 30, 2024, was $125.2 million, down from $240.7 million at March 31, 2024, reflecting a net loss of $27.7 million for the quarter[13]. - Preferred stock dividends amounted to $0.625 per share, totaling $0.7 million for the quarter ended June 30, 2024[13]. - Common stock dividends and equivalents on stock-based compensation were $0.057 per share, resulting in a total of $2.0 million for the quarter ended June 30, 2024[13]. - The balance of accumulated deficit increased to $136.0 million as of September 30, 2024, compared to $91.0 million at June 30, 2024[13]. - The total number of common shares outstanding increased to 33,092,441 as of September 30, 2024, from 32,950,141 at June 30, 2024[13]. Segment Performance - Total revenues for the Company in the latest quarter amounted to $448.8 million, with Material Handling segment contributing $168.9 million and Construction Equipment segment contributing $262.3 million[78]. - The Company reported a loss before taxes of $16.1 million for the latest quarter, with the Construction Equipment segment showing a loss of $10.8 million[78]. - Material Handling segment revenues increased by $0.3 million to $168.9 million for Q3 2024, reflecting a flat performance in new and used equipment sales[103]. - Construction Equipment segment revenues increased by $16.2 million to $812.8 million for the nine months ended September 30, 2024, primarily due to acquisitions[109]. Strategic Initiatives - The company is pursuing a strategy focused on the distribution and powering of commercial electric vehicles, indicating a shift towards electromobility[85]. - Recent strategic acquisitions, including Ault and Burris, are expected to enhance geographic reach and service offerings, contributing positively to financial performance[87]. - The company expects its hydrogen production plant to become operational in the first six months of 2025, with a total investment of $5.3 million to date[36]. Debt and Financing - The total debt and finance leases amounted to $722.7 million as of September 30, 2024, compared to $667.0 million on December 31, 2023[49]. - The Company issued $500.0 million in Senior Secured Second Lien Notes at a rate of 9.000% per annum, due June 1, 2029, with outstanding borrowings of $478.7 million as of September 30, 2024[47]. - The Company had $200.6 million and $396.4 million outstanding borrowings under the ABL Facility and Floor Plan Facilities, respectively, as of September 30, 2024[121].

ALTA EQUIPMENT GROUP INC. EARNINGS PRESS RELEASE Exhibit 99.1 Alta Equipment Group Announces Third Quarter 2024 Financial Results Third Quarter Financial Highlights: • Total revenues decreased $17.4 million year over year to $448.8 million • Construction Equipment and Material Handling revenues of $262.3 million and $168.9 million, respectively • Product support revenues increased 7.8% year over year with Parts sales increasing to $75.6 million and Service revenues increasing to $64.6 million • New and used ...

Third Quarter Financial Highlights: Total revenues decreased $17.4 million year over year to $448.8 millionConstruction Equipment and Material Handling revenues of $262.3 million and $168.9 million, respectivelyProduct support revenues increased 7.8% year over year with Parts sales increasing to $75.6 million and Service revenues increasing to $64.6 millionNew and used equipment sales decreased 13.3% year over year to $219.8 millionNet loss available to common stockholders of $(28.4) million Basic and dilut ...

LIVONIA, Mich., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Alta Equipment Group Inc. (NYSE: ALTG) (“Alta” or “the Company”), a leading provider of premium material handling, construction and environmental processing equipment and related services, today announced that it will report its financial results for the third quarter ended September 30, 2024, after the U.S. markets close on Tuesday, November 12, 2024. In conjunction with this announcement, Alta management will host a conference call and webcast that afterno ...

Alta Equipment (ALTG) shares ended the last trading session 15.8% higher at $7.54. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 10% gain over the past four weeks.Alta Equipment’s rally is largely driven by optimism regarding rising customer demand, a favorable pricing environment, an increase in rental, new & used equipment and parts sales. Also, the acquisition of a distributor of market-leading construction an ...

Alta Equipment Group (NYSE: NYSE: ALTG ) operates 85 heavy equipment dealership locations in the Midwest, Northeast and Canada. Alta has long-standing partnerships with original equipment manufacturers (OEMs), such as Volvo ( OTCPK:VOLAF ) and Hyster-Yale, in its 'Material Handling' and 'Construction Equipment' segments, selling forklifts, mining equipment, excavators etc.Analyst’s Disclosure: I/we have a beneficial long position in the shares of ALTG either through stock ownership, options, or other deriva ...

Alta Equipment Group Inc. (NYSE:ALTG) Q2 2024 Earnings Call Transcript August 7, 2024 5:00 PM ET Company Participants Jason Dammeyer - Investor Relations Ryan Greenawalt - Chairman & Chief Executive Officer Tony Colucci - Chief Financial Officer Conference Call Participants Canyon Hayes - D.A. Davidson Steve Hansen - Raymond James Steven Ramsey - Thompson Research Group Alex Rygiel - B. Riley Ted Jackson - Northland Securities Operator Good afternoon and thank you for attending the Alta Equipment Group Seco ...

Alta Equipment (ALTG) came out with a quarterly loss of $0.38 per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -850%. A quarter ago, it was expected that this company would post a loss of $0.21 per share when it actually produced a loss of $0.38, delivering a surprise of -80.95%.Over the last four quarters, the company has surpa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.0001 par value per share ALTG The New York Stock Exchange Depositary Shares representing a 1/1000 fractional interest in a share of 10% Series A Cumulative Perpetual Preferred Stock, $0.0001 par value per share th ALTG PRA The New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...