Equipment supplier Alta Equipment Group has reported solid performances for the last quarter of 2023 and the full financial year.

CEO Ryan Greenawalt says the momentum in the business continued throughout the balance of 2023 and as a result, “we delivered solid financial and operating results for the fourth quarter and 2023 fiscal year”.

Total revenues grew 21.7% to USD521.5 million for the fourth quarter and increased 19.4% to USD1.9 billion for the year. 

“Our business continues to benefit from the broad-based strength in our major end-user markets. For the year, revenues from our construction equipment segment grew 12.9% to USD1.1 billion, while materials handling revenues increased 19.4% to USD681.5 million.

Alta’s high-margin parts and service business revenue increased 17.7% to USD519.6 million. 

“One of our key priorities remains providing our customers with best-in-class support to keep their fleets and job sites running with as little down time as possible. Thus, we continued to expand our field service population, ending the year with more than 1,300 skilled technicians, which represents nearly half of our 3,000 employees,” he says.

“Overall, we achieved record results in 2023.”

Alta’s outlook for 2024 is positive as industry indicators support the company’s expectations for continued growth this year. 

The materials handling industry is forecasting another year of strong forklift deliveries that is likely to resemble, if not exceed, the record year of deliveries in 2023, Greenawalt adds.