He Equipment Services, Inc. (HEES) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Home SEC Filings He Equipment Services, Inc. (HEES) 10-K Annual Report Thu Feb 21 2019

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 Fourth Quarter 2018 Results

BATON ROUGE, Louisiana — (February 21, 2019)

— H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the fourth quarter and year ended December 31, 2018.

FOURTH QUARTER 2018 SUMMARY

 

  •  

Revenues increased 17.4% to $346.0 million versus $294.7 million a year ago.

 

  •  

Pre-tax income was $34.8 million, an increase of $7.2 million, or 26.1%, from a year ago.

 

  •  

Net income was $25.1 million in the fourth quarter compared to net income of $85.9 million a year ago. We recorded income tax expense of $9.7 million versus an income tax benefit of $58.4 million a year ago. The prior period $58.4 million tax benefit was due to a one-time revaluation of our deferred tax assets and liabilities resulting from the decrease in the corporate federal income tax rate enacted in December 2017. The effective income tax rate was 27.9% in the fourth quarter of 2018 and (211.7)% in the fourth quarter of 2017.

 

  •  

Adjusted EBITDA increased 26.2% to $114.6 million in the fourth quarter compared to $90.7 million a year ago, yielding a margin of 33.1% of revenues compared to 30.8% a year ago.

 

  •  

Rental revenues increased 27.6% to $163.0 million in the fourth quarter compared to $127.7 million a year ago.

 

  •  

New equipment sales increased 7.1% to $79.7 million in the fourth quarter compared to $74.4 million a year ago.

 

  •  

Used equipment sales increased 17.8% to $37.8 million in the fourth quarter compared to $32.1 million a year ago.

 

  •  

Gross margin was 35.6% compared to 34.2% a year ago. The increase in gross margin was the result of a shift in revenue mix to higher margin rental revenues combined with strong operating performance from several business segments.

 

  •  

Rental gross margins were 51.5% in the fourth quarter of 2018 compared to 51.0% a year ago.

 

- MORE -

The following information was filed by He Equipment Services, Inc. (HEES) on Thursday, February 21, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside He Equipment Services, Inc.'s 10-K Annual Report:

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Ticker: HEES
CIK: 1339605
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-003669
Submitted to the SEC: Thu Feb 21 2019 11:07:24 AM EST
Accepted by the SEC: Thu Feb 21 2019
Period: Monday, December 31, 2018
Industry: Miscellaneous Equipment Rental And Leasing

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