Alta Equipment Sees Revenue Gains for Q4, 2021

Alta Equipment released its Q4 and 2021 financial results, highlighted by significant increases in revenue for both periods.

Q4 2021 financial highlights

Net revenues increased 27.1 percent year over year to $356.3 million
Construction and Material Handling revenue of $217.5 million and $138.8 million, respectively
Product Support gross profit increased $4.8 million year over year to $37.1 million
Net loss of $(1.5) million available to common shareholders compared to loss of $(3.2) million in prior year
Adjusted net income per share* basic and diluted $0.03 compared to a loss of $(0.03) in prior year
Adjusted EBITDA grew 53.3 percent to $37.7 million compared to $24.6 million in Q4 2020

2021 full year financial highlights

Net revenues increased 38.8% year over year to $1,212.8 million
Construction and Material Handling revenue of $745.3 million and $467.5 million, respectively
Product Support revenue increased $85.9 million year over year to $344.0 million
Net loss of $(23.4) million available to common shareholders compared to a loss of $(24.0) million in 2020
Adjusted net loss per share* basic and diluted of $(0.15) compared to a loss of $(0.27) in prior year
Adjusted EBITDA grew 44.6% to $120.0 million, exceeding guidance, compared to $83.0 million in 2020
Completed six acquisitions to expand geographic footprint and increase presence in existing markets
Introduces full year 2022 Adjusted EBITDA guidance of $137 million to $142 million, representing a 16 percent increase at the midpoint year over year

“Our strong organic growth and operating performance in the fourth quarter and full year reflects our flexible business model and our ability to produce strong financial results in a supply constrained market," said Ryan Greenawalt, Alta CEO. "Both our Construction and Material Handling business segments delivered consistent year over year revenue growth leading to a 44.6 percent increase in adjusted EBITDA. Our record level of new and used equipment sales in 2021 are expected to continue to drive future high-margin product support revenue.

“Looking ahead, we expect to see significant customer demand across all our business segments," Greenawalt said. "The growth in our core markets combined with our expanded capabilities in our material handling business, our entry into the electric vehicle market, and our recent acquisitions position us well for increased profitability and continued success.”