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He Equipment Services, Inc. (HEES) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

He Equipment Services, Inc.

CIK: 1339605 Ticker: HEES

Exhibit 99.1

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 First Quarter 2021 Results

 

BATON ROUGE, Louisiana -- (April 27, 2021)

-- H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the first quarter ended March 31, 2021.  The Company also paid a regular quarterly cash dividend of $0.275 per share of common stock during the first quarter.  

 

FIRST QUARTER 2021 SUMMARY

 

 

Revenues decreased 2.6% to $278.4 million versus $285.9 million a year ago.

 

Net income was $4.2 million compared to a net loss of $(37.0) million a year ago. Included in the first quarter 2020 net loss was a $62.0 million pre-tax non-cash goodwill impairment charge. Excluding the impairment charge, net income was $10.8 million a year ago.  The effective income tax rate was 27.1% in the first quarter of 2021 and 21.9% in the first quarter of 2020.  Excluding the impairment charge, the effective income tax rate was 26.2% a year ago.   

 

Adjusted EBITDA decreased 16.2% to $83.2 million in the first quarter of 2021 compared to $99.2 million a year ago, yielding a margin of 29.9% of revenues compared to 34.7% a year ago.  

 

Total equipment rental revenues for the first quarter of 2021 were $156.2 million, a decrease of $18.3 million, or 10.5%, compared to $174.5 million a year ago. Rental revenues for the first quarter of 2021 were $139.9 million, a decrease of approximately $18.7 million, or 11.8%, compared to $158.6 million in the first quarter of 2020.

 

New equipment sales increased 22.3% to $37.7 million in the first quarter of 2021 compared to $30.9 million a year ago.

 

Used equipment sales increased 33.8% to $41.8 million in the first quarter of 2021 compared to $31.2 million a year ago.

 

Gross margin was 33.4% compared to 36.9% a year ago.  The decrease in gross margin was largely the result of lower rental gross margins and revenue mix.  

 

Total equipment rental gross margins were 37.4% in the first quarter of 2021 compared to 41.3% a year ago.  Rental gross margins were 42.1% in the first quarter of 2021 compared to 46.1% last year.  The decrease was primarily due to lower rates and time utilization.  Margins in the first quarter of 2021 were also negatively impacted due to lower revenues associated with an additional billing day in the prior year quarter on February 29, 2020.

- MORE -


The following information was filed by He Equipment Services, Inc. (HEES) on Tuesday, April 27, 2021 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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Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Detail)
Fair Value Of Financial Instruments - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Detail)
Fair Value Of Financial Instruments - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Parenthetical) (Detail)
Income (Loss) Per Share
Income (Loss) Per Share (Tables)
Income (Loss) Per Share - Additional Information (Detail)
Income (Loss) Per Share - Summary Of Computation Of Basic And Diluted Net Income (Loss) Per Common Share (Detail)
Leases
Leases - Additional Information (Detail)
Organization And Nature Of Operations
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Schedule Of Information About Reportable Segments (Detail)
Senior Secured Credit Facility
Senior Secured Credit Facility - Additional Information (Detail)
Senior Unsecured Notes
Senior Unsecured Notes (Tables)
Senior Unsecured Notes - Additional Information (Detail)
Senior Unsecured Notes - Reconciliation Of Senior Unsecured Notes To Condensed Consolidated Balance Sheets (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Significant Accounting Policies - Summary Of Revenue By Type And By Applicable Accounting Standard (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Schedule Of Non-Vested Stock Activity (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Summary Of Activity In Stockholders' Equity (Detail)
Stockholders' Equity - Summary Of Activity In Stockholders' Equity (Parenthetical) (Detail)

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He Equipment Services, Inc. provided additional information to their SEC Filing as exhibits

Ticker: HEES
CIK: 1339605
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-020894
Submitted to the SEC: Tue Apr 27 2021 4:11:06 PM EST
Accepted by the SEC: Tue Apr 27 2021
Period: Wednesday, March 31, 2021
Industry: Miscellaneous Equipment Rental And Leasing

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