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He Equipment Services, Inc. (HEES) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 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

 

Jeffrey L. Chastain

Vice President of Investor Relations

225-952-2308

Jchastain@he-equipment.com

 

H&E Equipment Services Reports Second Quarter 2021 Results

 

BATON ROUGE, Louisiana -- (August 3, 2021)

-- H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the second quarter ended June 30, 2021, reporting strong year-over-year performance as activity in the rental equipment industry displays further improvement.   

 

SECOND QUARTER 2021 SUMMARY

 

 

Revenues increased 13.4% to $315.8 million versus $278.3 million a year ago.

 

Net income was $15.8 million compared to $8.8 million a year ago. The effective income tax rate was 27.5% in the second quarter of 2021 and 26.9% in the second quarter of 2020.  

 

Adjusted EBITDA increased 7.4% to $102.3 million in the second quarter of 2021 compared to $95.3 million a year ago, yielding a margin of 32.4% of revenues compared to 34.2% a year ago.  

 

Total equipment rental revenues for the second quarter of 2021 were $179.0 million, an increase of $23.2 million, or 14.9%, compared to $155.8 million a year ago. Rental revenues for the second quarter of 2021 were $160.3 million, an increase of approximately $19.5 million, or 13.9%, compared to $140.8 million in the second quarter of 2020.

 

New equipment sales increased 13.6% to $49.9 million in the second quarter of 2021 compared to $43.9 million a year ago.

 

Used equipment sales increased 21.6% to $41.4 million in the second quarter of 2021 compared to $34.0 million a year ago.

 

Gross margin was 35.3% compared to 33.1% a year ago.  

 

Total equipment rental gross margins were 41.3% in the second quarter of 2021 compared to 38.0% a year ago.  Rental gross margins were 46.1% in the second quarter of 2021 compared to 41.5% a year ago.

 

Average time utilization (based on original equipment cost) was 68.3% compared to 59.5% a year ago.  The size of the Company’s rental fleet based on original acquisition cost decreased 2.2% from a year ago, to $1.8 billion. On a sequential basis, the rental fleet grew 5.4% when compared to the first quarter of 2021.

-MORE-

 


The following information was filed by He Equipment Services, Inc. (HEES) on Tuesday, August 3, 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 Revenues 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 Compensation Expense Related To Non-Vested Stock (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)
Subsequent Events
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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: 0001564590-21-040237
Submitted to the SEC: Tue Aug 03 2021 4:12:45 PM EST
Accepted by the SEC: Tue Aug 03 2021
Period: Wednesday, June 30, 2021
Industry: Miscellaneous Equipment Rental And Leasing

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