$ALTG reports strong financial results, forecasts growth opportunities in 2023
Mar 9th 2023, 9:16 pm
Analyst Summary: Alta Equipment Group Inc. reported strong financial results for the fourth quarter and fiscal year ending December 31, 2022, showing total revenues increased by 29% from the previous year. The company achieved organic growth with a 13% increase in their combined parts and service product support departments and a 10% increase in rental revenues, compared to 2021. Additionally, the company made accretive acquisitions, including G Materials Holding Company and Yale Industrial Trucks Inc. The CEO stated that the company is well-positioned to achieve further growth in 2023, particularly in their Material Handling and Construction Equipment segments, which have solid demand and will benefit from infrastructure and governmental legislation. The company is also encouraged by opportunities in the environmental processing equipment market through Ecoverse. However, the company cautions that forward-looking statements involve significant risks and uncertainties and may not be accurate predictors of future events. Investors should take note of non-GAAP financial measures presented in the press release, including Adjusted EBITDA, Adjusted total net debt and floor plan payables, Adjusted net income (loss), and Adjusted basic and diluted net income (loss) per share, and consider these alongside the company's debt obligations reported in accordance with GAAP.