Exhibit 99.1

 

LOGO    News Release

Contacts:

Leslie S. Magee

Chief Financial Officer

225-298-5261

lmagee@he-equipment.com

Kevin S. Inda

Vice President of Investor Relations

225-298-5318

kinda@he-equipment.com

H&E Equipment Services Reports Third Quarter 2018 Results

BATON ROUGE, Louisiana — (October 25, 2018)

H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the third quarter ended September 30, 2018.

THIRD QUARTER 2018 SUMMARY

 

   

Revenues increased 24.3% to $322.1 million versus $259.2 million a year ago.

 

   

Net income was $21.3 million in the third quarter compared to net income of $8.5 million and adjusted net income of $27.1 million a year ago.1 The effective income tax rate was 26.4% in the third quarter of 2018 and (11.7)% in the third quarter of 2017.

 

   

Adjusted EBITDA increased 22.2% to $108.2 million in the third quarter compared to $88.5 million a year ago, yielding a margin of 33.6% of revenues compared to 34.2% a year ago.

 

   

Rental revenues increased 24.2% to $156.0 million in the third quarter compared to $125.6 million a year ago.

 

   

New equipment sales increased 39.4% to $68.2 million in the third quarter compared to $48.9 million a year ago.

 

   

Used equipment sales increased 36.2% to $30.3 million in the third quarter compared to $22.3 million a year ago.

 

   

Gross margin was 35.6% compared to 36.3% a year ago. The decrease in gross margin was primarily a result of a shift in revenue mix to lower margin new equipment sales revenue.

 

1 

In the third quarter of 2017, the Company completed its offering of new 8-year 5.625% senior unsecured notes and the repurchase and redemption of its previously outstanding 7% senior unsecured notes. The Company’s operating results for the third quarter of 2017 include a $25.4 million non-recurring item associated with the premiums paid to repurchase and redeem the old notes and the write-off of unamortized note discount and deferred transaction costs associated therewith and $8.7 million of income, net of merger costs, resulting from the termination of our merger agreement with Neff Corporation.

 

- MORE -


The following information was filed by He Equipment Services, Inc. (HEES) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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