Alta Q2 sales up on improved supply 15%

Alta Equipment Group reported second quarter total revenues of $468 million, an increase of 15.21 TP3T over the same period in 2022. new and used equipment in the quartertotal income from salestotaled $255 million, an increase of 171 TP3T from the second quarter of 2022.

Product support revenue grew 19.11 TP3T in the quarter, with parts revenue growing to $71 million and service revenue growing to $60 million.

“Equipmentsupply chainsIssues continued to improve during the quarter, and as a result, we invested in our fleet and our inventory levels are returning to more normalized pre-New Crown outbreak levels as we ensure equipment availability for our customers to meet their needs,” CEO Ryan Greenawalt said in a statement. “Our ability to receive new equipment from OEMs in the first half of 2023 was a key driver of the $105.3 million increase in new and used equipment sales compared to the same period last year.

“For our business segments, both Construction and Material Handling achieved solid year-over-year revenue growth, and we expect these trends to continue. We are pleased with the commercial vehicleelectrificationattention, while still in its infancy, is beginning to gain traction as we made our first sales of Nikola's TRE BEV during the quarter. tractorsand free charging units, generating $3.1 million in revenue. Customer adoption is growing and we expect additional orders for the rest of the year.

State Department of Transportation budget to spur spending

“Macro trends in our end-user markets remain optimistic, and the newly announced federal spending initiatives will further extend the cycle,” said Greenawalt. “The IIJA, CHIPS and IRA legislation is projected to spend $1 trillion and this funding could last more than seven years. In addition, the U.S. government has awarded a record number of total transportation contracts. State DOT budgets are also at record levels in the Northeast and Southeast regions where we operate, and we expect our end markets and customers to benefit from this spending. Finally, our acquisition pipeline remains very active with many value-added opportunities to complement our existing operations and support further geographic expansion.”