Demand Boosts Alta Revenue 39%
Total second-quarter revenue grew 38.9 percent over the same period last year for Alta Equipment, driven by strong demand and contributions from acquisitions. Revenue was $406.5 million for the quarter.
New and used equipment sales were $217.3 million, up from $132.0 million in Q2 2021. Product support, which includes parts sales and service revenue, was $110.0 million, up 27 percent from the previous year. Rental revenue grew 14.1 percent in the quarter, to 43.6 million, and rental equipment sales were down 1.1 percent to $35.6 million.
Guidance for the remainder of 2022 increased. CEO Ryan Greenawalt said in a prepared statement:
“Despite the headline economic news, concerns about a recession, our business indicators remain robust for our end-user markets. Project activity across all our regions remain solid and our industry’s business cycle remains in growth mode. Our large level of new equipment sales for the quarter is indicative of pent-up demand for equipment that continues to manifest itself in historic levels of equipment sales backlogs. Our parts and service revenue lines are benefiting from an aging field population as we provide customers with best-in-class skilled technicians to keep their business operations up and running. We believe the finalization of the infrastructure bill will be an incremental benefit to our business in 2023 and beyond.”
Source: Alta Equipment