H&E Equipment Services, Inc. (NASDAQ: HEES) has reported its financial results for the fourth quarter and full year ended December 31, 2024, including a comparison to the same periods in 2023. Here are the key figures:
Fourth Quarter 2024: Revenues decreased by 0.4% to $384.1 million compared to $385.8 million in Q4 2023. Net income totaled $32.8 million, a significant decrease from $53.5 million in the same quarter of 2023. Adjusted EBITDA decreased by 5.6% to $174.9 million compared to $185.2 million in Q4 2023. Total equipment rental revenues increased by 0.8% to $319.4 million, with rental revenues increasing by 0.9% to $283.0 million. Sales of rental equipment decreased by 30.1% to $28.4 million, with margins declining to 58.9% compared to 66.0% in Q4 2023. Sales of new equipment totaled $20.5 million, an increase of 109.0% compared to $9.8 million in the same period of 2023. * Average time utilization was 66.4% compared to 68.4% in Q4 2023.
Full Year 2024: Revenues totaled $1,516.6 million, an increase of 3.2% compared to $1,469.2 million in 2023. Net income for the year was $123.0 million, a decrease from $169.3 million in 2023. Adjusted EBITDA for 2024 decreased by 0.4% to $685.2 million compared to $688.2 million in 2023. Total equipment rental revenues increased by 5.7% to $1,253.3 million compared to $1,186.2 million in 2023, with rental revenues increasing by 5.4% to $1,108.3 million. * Sales of rental equipment decreased by 15.7% to $139.2 million, while sales of new equipment increased by 42.2% to $55.6 million over the same period of comparison.
The company noted an agreement to be acquired by Herc Holdings Inc. (NYSE: HRI) earlier in the week. H&E Equipment Services, founded in 1961, operates one of the largest rental equipment fleets in the nation, serving various end markets across high-growth geographies. The market has reacted to these announcements by moving the company's shares -2.2% to a price of $98.14. If you want to know more, read the company's complete 8-K report here.
