By Ben Glickman
Shares of Alta Equipment Group slid after the company reduced its full-year outlook for adjusted profit and reported third-quarter results below Wall Street's estimates.
The stock was down 6.6% to $7.47, in Wednesday morning trading. Shares are down about 42% this year.
The Livonia, Mich., construction equipment provider said late Tuesday that it now expects adjusted Ebitda, or earnings before interest, tax, depreciation and amortization, of $170 million to $175 million in 2024. Alta had previously guided for $190 million to $200 million.
Chief Executive Ryan Greenawalt said that uncertainty in buyers' markets dented demand in the quarter. He said some customers were delaying investments until after the election.
Revenue fell 3.7%, to $448.8 million, in the third quarter, missing the $479.9 million expected by analysts polled by FactSet.
Alta posted a loss of $27.7 million, or 86 cents a share, in the quarter, compared with a profit of $6.7 million, or 20 cents a share, in the prior-year period.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 13, 2024 11:11 ET (16:11 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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