Alta Equipment Group, which sells Volvo Construction Equipment among other construction and material handling equipment, has announced its financial results for the second quarter ended June 30, 2021.
Highlights include:
- Net revenues increased 52.4 percent year over year to $292.7 million
- Construction and Material Handling revenue of $181.1 million and $111.6 million, respectively
- Product Support gross profit increased $13.4 million year over year to $39.5 million
- Net loss of ($15.7) million available to common shareholders compared to ($4.1) million prior year
- Adjusted EBITDA grew 40.7 percent to $28.0 million compared to $19.9 million in Q2 2020
“Our second quarter performance reflects a positive operating environment across the material handling and construction markets we serve," said Ryan Greenawalt, Alta CEO. "The constrained supply-chain affecting our manufacturing partners has driven demand for higher margin product support offerings and greater rental utilization. Tightened supply has further elevated equipment pricing across the industry and provides unique opportunities to strategically sell rental fleet, satisfy customer demand for equipment, and achieve field population targets traditionally designated for new equipment installs. We believe our performance in the second quarter further validates our ability to adapt quickly and efficiently to a variety of market conditions, which has led to healthy year-over-year and sequential adjusted EBITDA growth.
“The strength of our first half results, coupled with a record backlog in our Construction and Material Handling businesses, position us well to meet our full-year growth objectives and deliver value to shareholders," Greenawalt says.
Source: Alta Equipment
