Total revenues in the third quarter were $405 million for Alta Equipment Group, up 37.3 percent from Q3 2021. Rental revenue was up 20.4 percent to $50.2 million; new and used equipment sales were up 53.6 percent to $210.1 million.
“Customer sentiment is an indicator we constantly monitor, and it remains positive for the balance of this year and into 2023,” said Ryan Greenawalt, CEO, in a statement. “On a longer-term basis, we also remain encouraged as several federal initiatives are likely to positively impact the extension of the cycle including the $550 billion infrastructure bill, and the Chips and Inflation Reduction Acts, which support an intensified effort on manufacturing and renewable projects in the United States.
“As demonstrated by our financial results and recent transactions, our growth strategy remains very much intact, and the pipeline remains robust. On a trailing twelve-month basis, our acquisitions since the IPO have added $440.0 million in revenue and a significant amount of EBITDA to the enterprise.”
Alta is increasing its guidance range and currently expects to report adjusted EBITDA between $155 million and $158 million, an increase from between $147 million and $152 million, as previously expected.
Source: Alta Equipment
