Alta's second-quarter sales increased by 151% due to improved supply.

Alta Equipment Group reported total revenue of $468 million for the second quarter, representing a 15.21% increase compared to the same period in 2022. New and used equipment sales for the quartersales revenueTotal: US$255 million, representing a 171% increase compared to the second quarter of 2022.

Product support revenue increased by 19.11% this quarter, with component revenue rising to US$71 million and service revenue growing to US$60 million.

“EquipmentSupply chainThe situation continued to improve this quarter, so we invested in our fleet and our inventory levels are returning to more normal pre-pandemic levels as we ensure equipment availability for customers to meet their needs,” said Chief Executive Ryan Greenawalt in a statement. “Our ability to receive new equipment from OEMs in the first half of 2023 was the primary driver behind the $105.3 million year-on-year increase in sales of both new and used equipment."

“Within our business segments, both construction and material handling operations have delivered robust year-on-year revenue growth, and we anticipate these trends will persist. We are confident in the commercial vehicle sector.ElectrificationAlthough interest in this area remains in its infancy, it has begun to attract attention, as we commenced sales of Nikola's TRE BEV for the first time this quarter. tractorThe free charging facilities generated revenue of $3.1 million. Customer adoption continues to grow, and we anticipate further orders throughout the remainder of the year.

State Department of Transport budget to stimulate expenditure

Greenawater stated: “The macro trends in our end-user markets remain positive, and newly announced federal spending initiatives will further extend this cycle.” “The Infrastructure Investment and Jobs Act (IIJA), CHIPS Act, and Inflation Reduction Act (IRA) legislation are projected to spend $1 trillion, with this funding likely to extend over seven years. Furthermore, the total value of transport contracts awarded by the US government has reached an all-time high. In the Northeast and Southeast regions where we operate, state transport department budgets have also reached record levels, and we anticipate our end markets and customers will benefit from this expenditure. Finally, our acquisition pipeline remains highly active, presenting numerous value-added opportunities to complement our existing operations and support further geographic expansion.”