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H&E Equipment Releases Q3 Results

October 29, 2020

H&E Equipment has released its Q3 results, stating that revenue decreased 18.1 percent versus a year ago.

Revenue for Q3 2020 was $289.3 million compared to $353 million in 2019.

Net income was $10.1 million in the third quarter of 2020 compared to net income of $28.4 million a year ago. The effective income tax rate was 40.9 percent in the third quarter of 2020 and 26.7 percent in the third quarter of 2019. T

he increase in the effective income tax rate was primarily due to unfavorable permanent differences in relation to profit before tax. Excluding the impact of our 2020 first quarter goodwill impairment charge, our effective tax rate in the third quarter would have been 26.2 percent.

Adjusted EBITDA decreased 22.5 percent to $98.8 million in the third quarter of 2020 compared to $127.5 million a year ago, yielding a margin of 34.1 percent of revenues compared to 36.1 percent a year ago.

Total equipment rental revenues for the third quarter of 2020 were $165.8 million, a decrease of $38.3 million, or 18.8 percent, compared to $204.1 million a year ago. Rental revenues for the third quarter of 2020 were $149.4 million, a decrease of approximately $35.4 million, or 19.1 percent, compared to $184.8 million in the third quarter of 2019.

New equipment sales decreased 42.7 percent to $37.2 million in the third quarter of 2020 compared to $65.0 million a year ago.

Used equipment sales increased 28.3 percent to $40.0 million in the third quarter of 2020 compared to $31.2 million a year ago.

“We are encouraged that demand in our end-user rental markets accelerated during the third quarter," said Brad Barber, H&E Equipment's CEO and president. "As a result of increased project activity and our focus on operating execution, physical utilization was 63.8 percent for the third quarter. This improvement represented a 430 basis point increase from the second quarter.”

Source: H&E Equipment

 

 

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