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Alta Equipment Group Announces Q4, Full Year 2022 Financial Results

Thu March 16, 2023 - National Edition #10
Alta Equipment

Alta Equipment Group Inc., a provider of material handling, construction and environmental processing equipment and related services, announced financial results for the fourth quarter and full year ended Dec. 31, 2022.

Ryan Greenawalt, chief executive officer of Alta, said, "We believe our performance for the fourth quarter and the full year 2022 demonstrates the strength and resiliency of our business. Despite certain macroeconomic headwinds, all segments of our business are performing well, and we are achieving growth both organically and through our accretive acquisitions.

"Total revenues for the year increased 29.6 percent, or $359.0 million. Organic revenue growth for the year was $193.9 million, or 16.1 percent, when compared to last year. Importantly, this figure was driven by a 13.6 percent organic increase in our combined parts and service product support departments and a 10.3 percent organic gain in rental revenues when compared to 2021. Including revenues of $174.9 million from our 2021 and 2022 acquisitions, we achieved record total revenues of $1,571.8 million for 2022.

"Given our diverse end-user market exposure and active M&A pipeline, we believe we are well positioned to achieve further growth in 2023. Demand in our Material Handling and Construction Equipment segments continue to be solid and will further benefit from infrastructure and other governmental legislation. As an example, our Florida operations are performing very well amidst the continued growth in non-residential construction projects and significant state spending on highways.

"We also continue to build our high-margin product support capabilities, which generates predictable, high-margin parts and service revenues. At year end, we had 1,150 highly skilled service technicians. Additionally, our warehouse systems-integration business continues to perform well, and we expect this trend to continue for the foreseeable future as customers embrace robotics and automation. We are also very encouraged with our opportunities with Ecoverse as the market for environmental processing equipment is in its early stages of development in North America. Ecoverse will benefit from stricter federal and state environmental regulations which we expect will put an impetus on increased recycling and reuse of materials throughout both the U.S. and Canada."

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