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Alta Equipment Group Inc   (ALTG)
 

Alta Equipment Group Inc Secures Strong Earnings with Impressive $7.30 Million Tax Benefit!

How This Tax Benefit Is Bolstering Alta Equipment Group Inc*s Financial Success and Accelerating Growth


Published Nov 10 2023 / Modified Nov 10 2023
CSIMarket Team / CSIMarket.com


cable_pdAlta Equipment Group Inc.
(NYSE: ALTG) had an impressive third quarter of 2023, as indicated by their financial report.
Profit per share increased by 42.86% to $0.20 per share, accompanied by a revenue advance of 15.086% to $466.10 million compared to the same period last year.
These results clearly surpass the performance of its industry counterparts, with the Broadcasting Media & Cable TV industry only experiencing a 0.81% increase in revenue during the same period.

The company also showed significant improvement in earnings per share compared to the previous quarter, with a 300% increase from $0.05 per share.
However, there was a slight decrease in revenue by -0.363% from $467.80 million.
The net earnings for the financial interval ending September 30, 2023, were $7.400 million, a 45.1% increase from the net earnings of $5.100 million reported in the same period a year ago.

While the operating margin fell to 2.98%, the net margin for Alta Equipment Group Inc.
actually improved to 1.59%. A crucial element contributing to these positive results was the $7.30 million tax benefit obtained by the company.
Additionally,
the inventories have declined to $492.8 million from the previous quarter due to the seasonal nature of the business, but this still marks an increase compared to the same period a year ago.
Operating earnings increased by 1.46% to $13.9 million.

Another promising indicator is the buildup of accounts receivable, which suggests rising demand for Alta Equipment Group Inc.'s products and services.
The accounts receivables were valued at $259.1 million, exceeding the previous quarter's figure.
These numbers showcase the company's growth potential.

Looking ahead, Alta Equipment Group Inc.
is expected to report its next financial earnings on March 08, 2024.
In recent news, the company announced that its Board of Directors has approved a quarterly dividend of $0.057 per share on its common stock.
This decision demonstrates the company's commitment to rewarding its shareholders and providing them with additional value.
The dividend payment is scheduled for November 30, 2023, and will be distributed to shareholders of record as of November 15, 2023.

Despite these positive developments, Alta Equipment Group Inc.
has faced challenges in the stock market.
Over the last five trading days, the company's stock value has experienced a significant decline of -9.75%. Furthermore, the year-to-date performance has fallen by -31.13%, indicating a struggling market for the company.

However, there have been recent signs of improvement.
Alta Equipment Group Inc.
stock recorded a solid gain of 6.16% during the past seven days.
Although ALTG stock declined by -14.01% over the preceding 30 days, it still trades 12.1% above its 52-week low.

In conclusion, despite facing some challenges in the stock market, Alta Equipment Group Inc.
has shown impressive financial results in the third quarter of 2023.
With significant increases in profit per share and revenue, the company has outperformed its industry competitors.
The approval of a quarterly dividend further emphasizes Alta Equipment Group Inc.'s commitment to its shareholders.



Alta Equipment Group Inc's Capital Expenditures Growth

Alta Equipment Group Inc's Dividend Growth



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