Q2 2024 Alta Equipment Group Inc Earnings Call Transcript
Key Points
- Total revenues increased by $46.5 million sequentially to $488.1 million in Q2 from $441.6 million in Q1.
- Adjusted EBITDA for the quarter was $50.3 million, up $16.2 million versus Q1.
- Product support business achieved record revenues of $144.2 million, an increase of $13.2 million from a year ago.
- Material Handling segment continued on a steady path of profitable growth, driven by a solid sales backlog and market share gains.
- Alta eMobility entered into an agreement with Harbinger to represent their new electric medium-duty truck lineup, expanding into new business segments.
- Construction Equipment segment faced pressure due to uncertainty regarding interest rates and the election outcome, affecting small to mid-sized contractors.
- Oversupply of equipment in the market led to price degradation, especially with heavier earth-moving machines.
- Gross margins on new and used equipment sales were down 270 basis points year-over-year.
- Ecoverse segment underperformed expectations, with a notable pullback in the latter half of Q2.
- Adjusted EBITDA guidance for 2024 was reduced to $190 to $200 million, reflecting challenges in new and used equipment sales and rental fleet utilization.
Good afternoon, and thank you for attending the Alta Equipment Group second quarter 2024 earnings conference call. My name is Joel, and I'll be your moderator for today's call.
I will now turn the call over to Jason Dammeyer, Director of SEC Reporting and Technical Accounting with Alta equipment group.
Jason, you may proceed.
Thank you, Joel. Good afternoon, everyone, and thank you for joining us today.
A press release detailing Alta's second quarter 2024 financial results was issued this afternoon and is posted on our website along with a presentation designed to assist you in understanding the company's results.
On the call with me today are Ryan Greenawalt, our Chairman and CEO; and Tony Colucci, our Chief Financial Officer. For today's call, management will first provide a review of our second quarter 2024 financial results. We will begin with some prepared remarks before we open the call for your questions.
Please proceed to Slide 2. Before we get
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