Alta Equipment (ALTG) Reports Q2 Loss, Misses Revenue Estimates

Financial Performance - Alta Equipment reported a quarterly loss of $0.38 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.04, and compared to earnings of $0.19 per share a year ago, indicating a substantial decline in performance [1] - The company's revenue for the quarter ended June 2024 was $488.1 million, missing the Zacks Consensus Estimate by 1.90%, but showing an increase from $468.4 million in the same quarter last year [1] - Over the last four quarters, Alta Equipment has surpassed consensus revenue estimates three times, but has only exceeded EPS estimates once [1] Stock Performance - Since the beginning of the year, Alta Equipment shares have declined by approximately 29.4%, contrasting with the S&P 500's gain of 9.9% [2] - The stock currently holds a Zacks Rank of 3 (Hold), indicating it is expected to perform in line with the market in the near future [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is breakeven on revenues of $500.93 million, while for the current fiscal year, the estimate is -$0.23 on revenues of $1.98 billion [4] - The trend of estimate revisions for Alta Equipment is mixed, and future changes in estimates will be closely monitored following the recent earnings report [4] Industry Context - The Manufacturing - General Industrial industry, to which Alta Equipment belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges ahead [5] - Another company in the same industry, Applied Industrial Technologies, is expected to report quarterly earnings of $2.52 per share, reflecting a year-over-year change of +7.2% [5][6]