Full-year 2020 sales for Louisiana-based distributor H&E Equipment Services were down 13 percent to $1.2 billion from the $1.3 billion recorded in 2019. Equipment rentals accounted for $663 million, new equipment sales for $167 million, and used equipment sales for $153 million.
The company reported a net loss for the year of $32.7 million, compared with net income of $87.2 in 2019.
Fourth-quarter revenue decreased 9.3 percent to $315.6 million compared with $348.1 million in the same period of 2019. Net income for the quarter included a $44.6 million pre-tax loss on “early extinguishment of debt” as well as a $12.2 million pre-tax noncash “goodwill impairment charge.”
Rental fleet metrics for the quarter include gross margin of 45.1 percent, down from 50.3 percent in Q4 2019; average time utilization of 65.4 percent, down from 69.0 percent, and average rental rates down 4.5 percent.
Average rental fleet age was 40.9 months at the end of 2020.