April 7, 2022
Alta Equipment released its fourth quarter and 2021 financial results, highlighted by significant revenue increases for both periods.
Fourth Quarter 2021 Financial Highlights
- Net revenue increased 27.1% year over year to $356.3 million
- Construction and handling revenues of $217.5 million and $138.8 million, respectively
- Product support gross profit increased $4.8 million year-over-year to $37.1 million
- Net loss of ($1.5) million attributable to common shareholders compared to a loss of ($3.2) million the previous year
- Adjusted net earnings per share* basic and diluted $0.03 compared to a loss of $(0.03) the previous year
- Adjusted EBITDA increased 53.3% to $37.7 million from $24.6 million in the fourth quarter of 2020
2021 Financial Highlights
- Net revenue increased 38.8% year over year to $1,212.8 million
- Construction and handling revenues of $745.3 million and $467.5 million, respectively
- Product Support revenue increased $85.9 million year-over-year to $344.0 million
- Net loss of ($23.4) million available to common shareholders compared to a loss of ($24.0) million in 2020
- Basic and diluted adjusted net loss per share* of ($0.15) compared to a loss of $(0.27) the previous year
- Adjusted EBITDA increased 44.6% to $120.0 million, beating forecast, from $83.0 million in 2020
- Completed six acquisitions to expand geographic footprint and increase presence in existing markets
- Provides full-year 2022 Adjusted EBITDA guidance of $137 million to $142 million, representing a 16% year-over-year mid-term increase
“Our strong organic growth and operating performance in the fourth quarter and full year reflects our flexible business model and our ability to deliver strong financial results in a tight supply market,” said Ryan Greenawalt, CEO of Alta. “Our construction and material handling segments delivered consistent year-over-year revenue growth, driving a 44.6% increase in adjusted EBITDA. Our record level of new equipment sales and pre-owned in 2021 should continue to generate future high-margin product support revenue.
“Looking forward, we expect to see significant customer demand across all of our business segments,” Greenawalt said. “Growth in our core markets combined with our expanded capabilities in our material handling business, our entry into the electric vehicle market and our recent acquisitions position us well for increased profitability and continued success.