LIVONIA—Alta Equipment Group Inc.(NYSE: ALTG), a provider of material handling and construction equipment and related services, announced a loss of $5.7 million or 19 cents a share in the first quarter ended March 31, an improvement from a loss of $17 million or 91 cents a share a year earlier.
Revenue jumped nearly 50 percent to $268.8 million from $180.5 million a year earlier. New and used equipment sales rose 51 percent, service revenue rose 28 percent, rental revenue rose 31 percent, and rental equipment sales rose 124 percent. General and administrative expenses were $64.9 million, up 27 percent from $51.1 million a year earlier.
Alta CEO Ryan Greenawalt said in a news release: “We experienced continued improvement in our key business drivers as customer demand accelerated in the first quarter. Rental fleet utilization and equipment sales volume increased to drive adjusted EBITDA of $22.9 million for the quarter. Our recent capital raise of $315 million significantly enhances our capital structure and bolsters our ability to pursue our growth strategy in a manner accretive to shareholders. Our financial guidance reflects confidence in our markets and ability to execute on our business plan. We look forward to carrying the momentum of the quarter through the remainder of 2021 and beyond.”
The company said it expected adjusted earnings before interest, taxes, depreciation and amortization of $110 million to $115 million for 2021, which would be a 35 percent increase over $83 million in adjusted EBITDA in 2020. Adjusted EBITDA excludes interest expense, income taxes, depreciation, amortization, transaction costs, loan administration fees, share-based compensation, and other one-time or non-recurring items.
To listen to a replay of a conference call discussing these results, visit https://Investors.altaequipment.com or call (800) 585-8367, or (416) 621-4642, with conference ID # 8699257.
Alta sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment and other material handling and construction equipment. Alta has operated as an equipment dealership for 36 years and has developed a branch network that includes 55 locations in Michigan, Illinois, Indiana, New England, New York, Virginia and Florida. More at www.altaequipment.com.