BATON ROUGE, La., May 16, 2024 (GLOBE NEWSWIRE) -- H&E Equipment Services, Inc. (NASDAQ: HEES) today announced that its Board of Directors declared a regular quarterly cash dividend on May 16, 2024, to be paid to its stockholders. The Company announced a quarterly cash dividend of $0.275 per share of common stock to be paid on June 14, 2024, for stockholders of record as of the close of business on May 30, 2024. About H&E Equipment Services, Inc. Founded in 1961, H&E Equipment Services, Inc. is one of the l ...

BATON ROUGE, La., May 01, 2024 (GLOBE NEWSWIRE) -- H&E Equipment Services, Inc. ("H&E" or the "Company") (NASDAQ:HEES) today announced the completion of its acquisition of Montana-based Lewistown Rental and three of its affiliated companies located in Havre, Glasgow and Great Falls, Montana. The acquisition adds a comprehensive mix of equipment with an original equipment cost of approximately $28.5 million. Brad Barber, chief executive officer of H&E, stated, "With the addition of these four locations, H&E ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) For the first quarter of 2024, H&E Equipment Services reported a 15.2% increase in total revenues to $371.4 million year-over-year, driven by strong performance in equipment rentals and sales of rental equipment, with net income remaining stable at $25.9 million, or $0.71 per diluted share, and the balance sheet expanding to $2.76 billion reflecting growth from the Precision Rentals acquisition and fleet investments, while operating cash flow saw a significant increase to $83.4 million from $43.2 million in the prior-year period [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets increased to $2.76 billion from $2.64 billion at year-end 2023, primarily driven by increases in rental equipment, goodwill, and intangible assets largely due to the Precision acquisition, while total liabilities also rose to $2.21 billion mainly from increased borrowings on the senior secured credit facility to fund the acquisition Condensed Consolidated Balance Sheets | Account | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **$2,757,746** | **$2,639,886** | **+4.5%** | | Rental equipment, net | $1,781,505 | $1,756,578 | +1.4% | | Goodwill | $125,591 | $108,155 | +16.1% | | Intangible assets, net | $66,689 | $32,576 | +104.7% | | **Total Liabilities** | **$2,207,068** | **$2,105,597** | **+4.8%** | | Senior secured credit facility | $254,637 | $181,642 | +40.2% | | Senior unsecured notes, net | $1,243,213 | $1,242,852 | +0.03% | | **Total Stockholders' Equity** | **$550,678** | **$534,289** | **+3.1%** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the three months ended March 31, 2024, total revenues increased 15.2% to $371.4 million compared to the same period in 2023, led by a 12.7% increase in equipment rentals and a 49.8% surge in sales of rental equipment, with net income remaining flat at $25.9 million and diluted EPS unchanged at $0.71 despite higher revenues and increased expenses Condensed Consolidated Statements of Income | Metric | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | **$371,357** | **$322,482** | **+15.2%** | | Equipment rentals | $295,325 | $262,008 | +12.7% | | Sales of rental equipment | $48,115 | $32,115 | +49.8% | | **Gross Profit** | **$164,865** | **$141,378** | **+16.6%** | | Income from operations | $52,020 | $46,710 | +11.4% | | **Net Income** | **$25,889** | **$25,674** | **+0.8%** | | **Diluted EPS** | **$0.71** | **$0.71** | **0.0%** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities nearly doubled to $83.4 million in Q1 2024 from $43.2 million in Q1 2023, primarily due to favorable changes in working capital, while investing activities used $142.3 million dominated by the $121.6 million cash payment for the Precision acquisition, and financing activities provided $59.5 million reflecting net borrowings on the credit facility to fund growth initiatives Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$83,350** | **$43,225** | | **Net cash used in investing activities** | **($142,289)** | **($56,431)** | | Acquisition of business | ($121,571) | $0 | | Purchases of rental equipment | ($31,059) | ($76,578) | | **Net cash provided by financing activities** | **$59,515** | **$21,821** | | Net borrowings on senior secured credit facility | $72,995 | $40,000 | | Dividends paid | ($10,029) | ($9,989) | | **Net increase in cash** | **$576** | **$8,615** | [Note 3 - Acquisitions and Dispositions](index=12&type=section&id=Note%203%20-%20Acquisitions%20and%20Dispositions) The company continued its growth-through-acquisition strategy by acquiring Precision Rentals on January 1, 2024, for approximately $123.9 million in cash, expanding its presence in Arizona and Colorado, with the preliminary purchase price allocation adding $63.2 million in rental equipment, $33.0 million in customer relationships, and $17.5 million in goodwill - Completed the acquisition of Precision Rentals on January 1, 2024, for an aggregate cash consideration of approximately **$123.9 million**[46](index=46&type=chunk)[47](index=47&type=chunk) - The acquisition expanded the company's presence with branches in Arizona and Colorado[46](index=46&type=chunk) Preliminary Purchase Price Allocation | Preliminary Purchase Price Allocation | Value ($ thousands) | | :--- | :--- | | Rental equipment | $63,215 | | Customer relationships intangible asset | $33,000 | | Goodwill | $17,536 | | Net identifiable assets acquired | $102,824 | [Note 8 & 9 - Debt Instruments](index=17&type=section&id=Note%208%20%26%209%20-%20Debt%20Instruments) As of March 31, 2024, the company had $254.6 million outstanding under its $750.0 million Senior Secured Credit Facility and $1.24 billion in Senior Unsecured Notes due 2028, with borrowings under the credit facility increasing significantly from year-end to fund the Precision acquisition, while remaining in compliance with all debt covenants - At March 31, 2024, borrowings under the Senior Secured Credit Facility were **$254.6 million**, with approximately **$483.0 million** of additional borrowing capacity[77](index=77&type=chunk) - The weighted average interest rate under the Credit Facility was approximately **7.1%** as of March 31, 2024[77](index=77&type=chunk) - The company has **$1.25 billion** in **3.875%** Senior Unsecured Notes, which mature in 2028[79](index=79&type=chunk) [Note 11 - Segment Information](index=18&type=section&id=Note%2011%20-%20Segment%20Information) Equipment rentals remain the company's largest and most profitable segment, contributing $295.3 million in revenue and $127.9 million in gross profit for Q1 2024, while sales of rental equipment showed significant growth in both revenue and gross profit, reflecting a key part of the company's fleet management strategy Segment Revenues ($ thousands) | Segment Revenues ($ thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Equipment rentals | $295,325 | $262,008 | | Sales of rental equipment | $48,115 | $32,115 | | Sales of new equipment | $10,412 | $7,818 | | Parts sales | $11,029 | $12,157 | | Services revenues | $5,744 | $7,186 | Segment Gross Profit ($ thousands) | Segment Gross Profit ($ thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Equipment rentals | $127,897 | $114,294 | | Sales of rental equipment | $30,286 | $18,827 | | Sales of new equipment | $1,773 | $1,037 | | Parts sales | $2,927 | $3,505 | | Services revenues | $3,381 | $4,596 | [Note 12 - Subsequent Events](index=19&type=section&id=Note%2012%20-%20Subsequent%20Events) Subsequent to the quarter's end, on April 10, 2024, the company entered into a definitive agreement to acquire Lewistown Rentals for $33.5 million, expanding its footprint with four new branch locations in Montana, with the acquisition expected to close in the second quarter of 2024 - On April 10, 2024, the company agreed to acquire Lewistown Rentals and its affiliates for a purchase price of **$33.5 million**[87](index=87&type=chunk) - The acquisition adds four branch locations in Montana and is expected to close in Q2 2024[87](index=87&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributed the 15.2% year-over-year revenue growth primarily to a larger rental fleet and a 2.9% increase in rental rates, with gross profit margin improving to 44.4% from 43.8% driven by strong margins on sales of used rental equipment, while SG&A expenses rose 19.9% due to increased headcount, wages, and costs associated with branch expansion, maintaining a strong liquidity position of $492.1 million and continuing its dividend program, paying $0.275 per share [Rental Fleet](index=23&type=section&id=Rental%20Fleet) The rental fleet's original acquisition cost was approximately $2.8 billion as of March 31, 2024, a slight increase of 1.0% from year-end 2023, with an average fleet age of 39.9 months, as the company actively manages its fleet composition and age through new equipment purchases and strategic sales of used equipment Fleet Composition (as of March 31, 2024) | Fleet Composition (as of March 31, 2024) | Units | % of Total Units | Original Acquisition Cost ($M) | % of Total Cost | Average Age (Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Aerial Work Platforms | 27,708 | 45.5% | $931.8 | 33.1% | 52.4 | | Earthmoving | 8,555 | 14.1% | $728.9 | 25.9% | 25.5 | | Material Handling Equipment | 10,436 | 17.1% | $844.0 | 30.0% | 40.2 | | Other | 14,186 | 23.3% | $313.3 | 11.0% | 24.2 | | **Total** | **60,885** | **100.0%** | **$2,818.0** | **100.0%** | **39.9** | - The original acquisition cost of the gross rental fleet increased by approximately **$27.0 million**, or **1.0%**, during the first three months of 2024[115](index=115&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Total revenues for Q1 2024 increased 15.2% YoY to $371.4 million, with equipment rental revenues growing 12.7% due to a larger fleet and a 2.9% rate increase, and sales of rental equipment surging 49.8% as the company capitalized on strong used equipment demand, leading to a 16.6% rise in total gross profit to $164.9 million and an overall gross margin expansion of 60 basis points to 44.4%, despite SG&A expenses increasing 19.9% reflecting investments in business expansion - Total revenues increased by **$48.9 million**, or **15.2%**, in Q1 2024 compared to Q1 2023[121](index=121&type=chunk) - Key drivers for rental revenue growth were a larger fleet and a **2.9%** year-over-year increase in average rental rates[122](index=122&type=chunk)[124](index=124&type=chunk) - Gross profit margin on sales of rental equipment increased to **62.9%** from **58.6%** in the prior-year quarter[134](index=134&type=chunk) - SG&A expenses increased by **$18.9 million** (**19.9%**), with approximately **$10.0 million** attributable to expansion efforts since January 1, 2023[137](index=137&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity remains strong, with $492.1 million available as of March 31, 2024, from cash on hand and borrowing capacity under its credit facility, supported by a robust operating cash flow of $83.4 million, while gross rental fleet capital expenditures were $74.4 million, a decrease from the prior year reflecting a normalization of purchasing, and $10.0 million in dividends were paid during the quarter - As of March 31, 2024, the company had a total liquidity position of **$492.1 million**, consisting of **$9.1 million** in cash and **$483.0 million** in available borrowings[148](index=148&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk) - Gross rental fleet capital expenditures for Q1 2024 were **$74.4 million**, compared to **$127.7 million** in Q1 2023[150](index=150&type=chunk) - A quarterly dividend of **$0.275** per share was paid on March 15, 2024, totaling approximately **$10.0 million**[152](index=152&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is to changes in interest rates, as its Senior Secured Credit Facility carries a variable interest rate based on the Base Rate or SOFR, with no significant changes in the company's exposure to market risk reported during the first quarter of 2024 - The company's earnings are affected by interest rate changes due to the variable-rate nature of its Credit Facility[154](index=154&type=chunk) - No significant changes in market risk exposure were reported for the three months ended March 31, 2024[155](index=155&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024, with no changes in internal control over financial reporting occurring during the quarter that have materially affected, or are reasonably likely to materially affect, these controls - The CEO and CFO concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective[157](index=157&type=chunk) - There were no material changes to the company's internal control over financial reporting during the first quarter of 2024[159](index=159&type=chunk) [PART II. OTHER INFORMATION](index=29&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and legal actions arising in the ordinary course of business, with management not believing the ultimate disposition of these matters will have a material adverse effect on the company's financial position, results of operations, or liquidity - The company is involved in various legal actions in the ordinary course of business, which are not expected to have a material adverse effect[160](index=160&type=chunk)[161](index=161&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to the risk factors previously disclosed in the 2023 Form 10-K were reported[163](index=163&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company acquired 57,662 shares of its common stock at an average price of $58.79 per share, which were returned by employees to cover withholding taxes related to the vesting of restricted stock units and added to treasury stock, not as part of a publicly announced repurchase plan - In March 2024, the company acquired **57,662** shares at an average price of **$58.79** per share[164](index=164&type=chunk) - The shares were acquired from employees to satisfy tax withholding obligations upon the vesting of restricted stock units[164](index=164&type=chunk)

H&E Equipment (HEES) came out with quarterly earnings of $0.71 per share, missing the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.74%. A quarter ago, it was expected that this construction and industrial equipment service provider would post earnings of $1.20 per share when it actually produced earnings of $1.47, delivering a surprise of 22. ...

Exhibit 99.1 News Release Contacts: Leslie S. Magee Chief Financial Officer 225-298-5261 lmagee@he-equipment.com Jeffrey L. Chastain Vice President of Investor Relations 225-952-2308 jchastain@he-equipment.com BATON ROUGE, La. -- (April 30, 2024) -- H&E Equipment Services, Inc. (NASDAQ: HEES) ("H&E", or the "Company") today announced results for the first quarter ended March 31, 2024 with disciplined growth objectives contributing to double-digit improvement in rental revenues. FIRST QUARTER 2024 SUMMARY WI ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about H&E Equipment (HEES) .H&E Equipment currently has an average brokerage rec ...

H&E Equipment (HEES) closed the most recent trading day at $58.61, moving +1.35% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 1.2% for the day. Meanwhile, the Dow experienced a rise of 0.69%, and the technology-dominated Nasdaq saw an increase of 1.59%.Heading into today, shares of the construction and industrial equipment service provider had lost 8.58% over the past month, lagging the Industrial Products sector's loss of 3.72% and the S&P 500's loss of 4.16 ...

H&E Equipment (HEES) ended the recent trading session at $57.83, demonstrating a -0.79% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 0.87%. On the other hand, the Dow registered a gain of 0.67%, and the technology-centric Nasdaq increased by 1.11%.The construction and industrial equipment service provider's stock has dropped by 7.89% in the past month, falling short of the Industrial Products sector's loss of 2.02% and the S&P 500's loss of 3. ...

Baton Rouge, La. , April 18, 2024 (GLOBE NEWSWIRE) -- H&E Equipment Services, Inc., ("H&E") (NASDAQ:HEES) today announced that it will release its 2024 first quarter financial results before the market on Tuesday, April 30, 2024.  The Company will also hold a conference call to discuss first quarter results on Tuesday, April 30, 2024, at 10:00 a.m. (Eastern Time).  To listen to the call, participants should dial 844-887-9400 approximately 10 minutes prior to the start of the call.  A telephonic replay will ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional val ...