H&E Equipment Q1 revenue up 15.2% to $371M; net income flat; cuts 2024 fleet capex guidance

H&E Equipment Services, Inc.

2024-Q1 EPS reported $0.71 revenue$371,357,000

Revenue $371.4M (+15.2% YoY); net income $25.9M ($0.71 EPS) vs $25.7M ($0.71 EPS) prior year.
Rental revenues $261.7M (+12.8% YoY); rental rates +2.9% YoY, utilization fell to 63.6% from 67.3%.
Adjusted EBITDA $161.7M (+13.1% YoY); margin 43.6% vs 44.4%.
Reduced 2024 gross fleet investment guidance to $350-400M from $450-500M.
Branch network to reach 145 locations; pending acquisition of four Montana sites expected Q2 2024.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

H&E Equipment Services, Inc. reported first quarter ended March 31, 2024 results: revenue $371.4 million, net income $25.9 million. Guidance lowered.

Period: first quarter ended March 31, 2024
Revenue: $371.4 million
Net income: $25.9 million
Guidance: lowered
Result: reported results

Exact text from the filing

growth objectives contributing to double-digit improvement in rental revenues. FIRST QUARTER 2024 SUMMARY WITH A COMPARISON TO FIRST QUARTER 2023 • Revenues increased 15.2% to $371.4 million compared to $322.5 million. • Net income totaled $25.9 million compared to $25.7 million. The effective income tax rate was 26.5% compared to 26.1%. • Adjusted EBITDA (earnings

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Source: SEC EDGAR

accession 0000950170-24-050226

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