Earnings Summary Alta Equipment Group Inc Q2 2024
Intellectia.AI Updated: 2024-08-08
Earnings Summary: Alta Equipment Group Inc. (Q2 2024)
Alta Equipment Group Inc. ("Alta") reported its financial results for the second quarter ending June 30, 2024. Below are key highlights from the earnings release:
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $488.1 million | $468.4 million | +4.2% | $505.47 million |
| Earnings Per Share (EPS) | Not Given | Not Given | N/A | -$0.07 |
| Net Income | -$23.8 million | Not Given | N/A | N/A |
Interpretation : Alta reported a year-over-year increase in revenue of 4.2%, showing growth despite a challenging market environment. This was, however, below the consensus estimate of $505.47 million. The EPS figure was not provided in the earnings release.
Segment Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Material Handling | $175.6 million | Not Provided | N/A |
| Construction Equipment | $294.9 million | Not Provided | N/A |
| Master Distribution | $16.7 million | Not Provided | N/A |
Interpretation : The revenue performance across major segments was mixed. Material Handling showed a positive revenue increase, while the Construction Equipment segment also showed growth. The Master Distribution segment, however, saw decreased revenues, attributing to overall market softness and competitive pressures.
Dividends and Share Repurchase Program
- Share Repurchase Program : The company repurchased shares worth $2.0 million during the quarter.
Stock Price Movement
- After Event : -6.29%
Summary : Despite achieving a revenue increase compared to the prior year, Alta Equipment Group Inc. missed the consensus estimates for the quarter. The Material Handling and Construction Equipment segments showed resilience, but the Master Distribution segment underperformed. The lack of forward guidance reflects the uncertainties ahead, and the market reacted with a stock price decline of 6.29% post-earnings release.
This report has been organized to improve clarity and readability for investors.
