Alta Equipment revenues grew 26.8 percent in the first year compared to the same period in 2022. Revenue topped $420 million. Sales of new and used equipment grew 44.9 percent in the quarter to $219.6 million, up from $151.6 million in Q1 2022.

Revenue from product support grew 26.6 percent in the quarter, recording parts sales of $68.4 million (up 28 percent) and service revenue of $60.2 million (up 25 percent).

“Supply chain headwinds continued to abate during the first quarter as our product inventory increased to a more normalized level, and we were able to deliver more machines to customers as evidenced by the increase in new equipment sales,” said CEO Ryan Greenawalt, in a statement.

“We are encouraged by the increase in product availability from our manufacturing partners,” he said. “Backlogs remain high, and we are not experiencing order cancellations from our customers.”

Gross profit for the quarter was $121.3 million, up 32.7 percent over Q1 2022.

Source: Alta Equipment