Alta Equipment Group revenue surpasses $1B
Alta Equipment Group year-to-date revenue surpassed $1 billion in the third quarter, matching its revenue for the full year 2021.
Construction segment revenue clocked in at $249.7 million, up 35.7% YoY from $184.7 million, according to the company’s Q3 earning’s presentation last week. Sales year to date grew 37.7% when compared with the same reporting period last year.
Material handling revenue jumped 40.8% YoY to $155.3 million, up from $110.3 million a year ago. Material handling sales year to date increased 26.7% YoY.
The Livonia, Mich.-based company continues to see high demand across both construction and material handling segments, according to the earnings presentation. A “healthy backlog” of sales in both segments contributed to a strong performance in the quarter.
“Demand for parts and service continues to be at high levels and sales backlogs remain at record levels,” Chairman and Chief Executive Ryan Greenawalt said during the Q3 earnings call last week. “Our rental fleet continues to benefit from increased financial and physical utilization with higher rates driven primarily by the continued supply-demand imbalance.”
Alta Equipment Group is a provider of industrial and construction equipment and related services, according to filings with the Securities and Exchange Commission. The company sells, rents, and provides parts and services for specialized equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment and other industrial equipment.