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He Equipment Services, Inc. (HEES) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 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, Inc. Reports Third Quarter 2021 Results

 

BATON ROUGE, Louisiana -- (November 2, 2021)

-- H&E Equipment Services, Inc. (NASDAQ: HEES) (“H&E”, the “Company”) today announced results for the third quarter ended September 30, 2021, highlighting improved fleet utilization, rental rate appreciation and significant progress toward the Company’s strategic transition to a pure-play rental business. During the third quarter of 2021, the Company agreed to sell its crane business, (the “Crane Sale”).  All results and comparisons below Total Company Summary are presented on a continuing operations basis and exclude the Crane Sale.   

 

THIRD QUARTER 2021 SUMMARY

 

Total Company Third Quarter 2021 Summary (including both continuing and discontinued operations)

 

 

Revenues in the third quarter of 2021, including both continuing and discontinued operations, increased 10.4% to $319.4 million compared to $289.3 million in the third quarter of 2020.

 

Net income in the third quarter, including both continuing and discontinued operations, was $29.5 million compared to $10.1 million in the third quarter of 2020. The effective income tax rate was 24.8% in the third quarter of 2021 and 40.9% in the third quarter of 2020.

 

Adjusted EBITDA in the third quarter of 2021, including both continuing and discontinued operations, increased 20.6% to $119.1 million compared to $98.8 million in the same quarter of 2020, yielding a margin of 37.3% of revenues compared to 34.1% in the third quarter of 2020.

 

Continuing Operations Third Quarter 2021 Summary

 

 

Revenues increased 9.3% in the third quarter of 2021 to $275.4 million compared to $251.9 million in the third quarter of 2020.

 

Net income was $24.7 million in the third quarter of 2021 compared to $8.0 million in the third quarter of 2020.  The effective income tax rate was 24.7% in the third quarter of 2021 compared to 30.4% in the third quarter of 2020.

-MORE-

 


The following information was filed by He Equipment Services, Inc. (HEES) on Tuesday, November 2, 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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He Equipment Services, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

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)
Divestitures
Divestitures (Tables)
Divestitures - Additional Information (Detail)
Divestitures - Schedule Of Cash Flows From Discontinued Operations (Detail)
Divestitures - Schedule Of Income From Discontinued Operations And Carrying Value Of Assets And Liabilities (Detail)
Divestitures - Schedule Of Income From Discontinued Operations And Carrying Value Of Assets And Liabilities (Parenthetical) (Detail)
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
Organization And Nature Of Operations - Additional Information (Detail)
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 - Schedule Of Changes In Carrying Amount Of Goodwill (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
Subsequent Events - Additional Information (Detail)

Material Contracts, Statements, Certifications & more

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: 0001564590-21-053558
Submitted to the SEC: Tue Nov 02 2021 4:11:22 PM EST
Accepted by the SEC: Tue Nov 02 2021
Period: Thursday, September 30, 2021
Industry: Miscellaneous Equipment Rental And Leasing

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