Alta Equipment Group (NYSE: ALTG) Maintains Market Perform Rating

• Alta Equipment Group's Q3 2024 earnings report showed a loss of $0.86 per share, missing the Zacks Consensus Estimate.
• The company's revenue for the quarter was $448.8 million, with product support revenues increasing by 7.8%.
• Alta's Board of Directors increased the share buyback authorization from $12.5 million to $20 million.

On November 14, 2024, Raymond James maintained its "Market Perform" rating for Alta Equipment Group (NYSE: ALTG), advising investors to hold their positions. At the time, ALTG's stock price was $7.39. Alta Equipment Group is a company that provides equipment and related services for construction and material handling industries. It competes with other equipment providers in the market.

Alta Equipment's recent Q3 2024 earnings call, held on November 12, 2024, featured key company figures like CEO Ryan Greenawalt and CFO Tony Colucci. Analysts from firms such as D.A. Davidson and Thompson Research Group participated, likely discussing the company's financial performance and strategic plans. The call followed a disappointing earnings report, with a loss of $0.86 per share, missing the Zacks Consensus Estimate of a $0.22 loss.

The company's revenue for the quarter was $448.8 million, falling short of the Zacks Consensus Estimate by 6.71% and down from $466.2 million a year ago. Despite the overall decline, product support revenues increased by 7.8%, with parts sales at $75.6 million and service revenues at $64.6 million. However, sales of new and used equipment dropped by 13.3% to $219.8 million.

Alta Equipment reported a net loss of $28.4 million for the quarter, translating to a net loss per share of $0.86. On an adjusted basis, the net loss per share was $0.72, with an adjusted EBITDA of $43.2 million. The loss was significantly impacted by a $14 million discrete tax expense related to deferred tax assets.

In a strategic decision, Alta's Board of Directors increased the share buyback authorization from $12.5 million to $20 million on October 30, 2024. Currently, ALTG's stock price is $7.28, reflecting an 8.66% decrease. The stock has traded between $7.19 and $7.85 today, with a market capitalization of approximately $240.9 million.