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Sep 30, 2023
H&E Equipment Q3 2023 Earnings Report
H&E Equipment Services reported strong Q3 2023 results driven by robust industry conditions, fleet growth, and branch expansion.
Key Takeaways
H&E Equipment Services reported a 23.6% increase in revenues to $400.7 million in Q3 2023 compared to Q3 2022. Net income was $48.9 million, including a pre-tax $5.7 million non-cash goodwill impairment charge. Excluding the impairment charge, net income was $53.0 million. Adjusted EBITDA totaled $189.1 million, a 36.2% increase compared to the same period last year.
Revenues increased by 23.6% to $400.7 million.
Net income was $48.9 million, or $53.0 million excluding a goodwill impairment charge.
Adjusted EBITDA increased by 36.2% to $189.1 million.
Total equipment rental revenues increased by 24.5% to $315.8 million.
Revenue by Segment
Forward Guidance
The Company believes a robust business environment will persist through the final quarter of 2023 and into 2024.
Positive Outlook
- Non-residential construction activity remains resilient.
- Expect to benefit from an expansion in project opportunities.
- Mega projects should meaningfully contribute to the enhanced U.S. construction activity.
- These projects continue to populate our geographic footprint and have substantial equipment requirements and lengthy project completion schedules.
- The value proposition of rental compared with equipment ownership is expected to lead to further growth in rental penetration.
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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