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Sep 30, 2021
H&E Equipment Q3 2021 Earnings Report
H&E Equipment Services reported an increase in revenue and net income for the third quarter of 2021.
Key Takeaways
H&E Equipment Services, Inc. reported a 10.4% increase in revenues to $319.4 million and a net income of $29.5 million for the third quarter of 2021, compared to $289.3 million and $10.1 million respectively in the third quarter of 2020. The company highlighted improved fleet utilization and rental rate appreciation, making progress toward becoming a pure-play rental business.
Revenues increased 10.4% to $319.4 million compared to Q3 2020.
Net income was $29.5 million compared to $10.1 million in Q3 2020.
Adjusted EBITDA increased 20.6% to $119.1 million compared to the same quarter of 2020.
Average time utilization was 71.9% compared to 63.5% a year ago.
Revenue by Segment
Forward Guidance
Company expects to establish no fewer than 10 new branches in 2022.
Positive Outlook
- Broadening industrial recovery led by non-residential construction activity.
- Physical utilization during October peaked at 75%, best measure since 2018.
- Strong operational execution and continued strong demand as we entered the final quarter of 2021
- Industry indicators continue to signal the likelihood for further non-residential project expansion in 2022
- Exit from the crane distribution business, as well as the sale of two earthmoving distribution branches represent significant steps we are taking to advance H&E’s strategic transition to a pure equipment rental business.
Challenges Ahead
- Global supply chain challenges
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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