Alta Equipment Group posted net revenues of $192.1 million in the second quarter of 2020 compared to $135.9 million in the second quarter a year ago, an increase of 41.4 percent. Alta had increases in organic revenue and from three acquisitions that help it expand its geographic footprint. The company also increased its presence in fast-growing e-commerce, warehousing and logistics markets. Alta posted $95.1 million in revenue from Industrial and $97 million from Construction.
Rental revenue jumped to $26 million in the second quarter, compared to $22.1 million in the year-ago quarter, a 17.6-percent leap.
For the first six months of 2020, total revenue was $372.6 million, compared to $238.2 million for the first six months of 2019, a 56.2-percent hike. Rental revenue was $51.2 million for the first half of the year, compared to $39.1 million in H119, a 30.9-percent boost.
“Our solid second quarter results, despite the COVID-19 related challenges, demonstrate the dexterity of our cost structure and the capital efficiency of our Parts and Services businesses,” said Ryan Greenawalt, CEO of Alta. “We saw signs of stability and higher demand for both our material handling and construction equipment and services as the quarter progressed. We entered the second half of the year at close to full capacity and are operating at pre-COVID-19 levels.
“Additionally, we recently announced three accretive acquisitions that are perfectly aligned with our strategy to complement our organic growth with acquisitions that increase our existing market presence, expand our geographic footprint, provide a greater presence in the fast growing e-commerce, warehousing and logistics markets and broaden our OEM relationships.”
Alta Equipment Group recently acquired:
· PeakLogix - PeakLogix is a national material handling systems integrator that specializes in the design and installation of warehouse automation and storage systems. The company is recognized for designing customer solutions using the latest equipment and technology advancements to deliver process improvement and automation to its customers.
· Hilo Equipment & Services - Hilo Equipment & Services is a privately held distributor of material handling equipment with three branches in the New York City metro area. HILO sells new and used materials handling equipment, partnering with industry leading manufacturers including Hyster-Yale Group Inc., Kelley and JLG, and offers repairs and maintenance with an award-winning service team.
· Martin Implement Sales Inc. - Martin is a privately held premium equipment distributor with three branches in the Chicago metro area. Martin has an expansive range of new and used equipment available for sale or rental to construction and municipal customers. Martin sells primarily construction and agricultural equipment in partnership with industry leading manufacturers including New Holland, Kubota, Hyundai and Toro, and offers any equipment service that a customer needs, along with a 24/7 service hotline.
Alta Equipment Group, headquartered in Livonia, Mich., is No. 39 on the RER 100.
