H&E Equipment Services Posts Essentially Flat Fourth Quarter Revenues; Increases Full Year Totals 3.2 Percent

Revenues were essentially flat for H&E Equipment Services in the fourth quarter of 2024 compared to the fourth quarter of 2023. Total revenues were $384.1 million compared to $385.8 million in Q423, a 0.4-percent decrease. Net income totaled $32.8 million compared to $53.5 million in the fourth quarter of 2023, a 38.7-percent drop. Adjusted EBITDA dipped 5.6 percent to $174.9 million compared to $185.2 million in the prior year.

Total equipment rental revenues were $319.4 million compared to $316.9 million in the year-ago quarter, a 0.8-percent increase. Rental revenues were $283.0 million compared to $280.6 million in Q423, a 0.9-percent increase. Sales of rental equipment declined from $40.6 million a year ago to $28.4 million, a 30.1-percent decrease. Sales of new equipment totaled $20.5 million compared to $9.8 million a year ago, a 109.0-percent increase.

Average time utilization for the quarter was 66.4 percent, compared to 68.4 percent in the year-ago quarter. Average rental rates dipped 1.1 percent year over year and 0.3 percent on a sequential quarterly basis, excluding acquisitions completed within the past 12 months.

For the full year, total revenues were $1,516.6 million in 2024 compared with $1,469.2 million in 2023, a 3.2-percent increase. Equipment rentals in 2024 totaled $1,253.3 million, compared to $1,186.2 million in 2023, a 5.7-percent increase.

Sales of rental equipment decreased 15.7 percent to $139.2 million from $165.1 million in the previous year, while sales of new equipment increased 42.2 percent to $55.6 million compared to $39.1 million in 2023.

H&E Equipment Services reached an agreement to be acquired by Herc Rentals. The transaction is expected to be finalized in the coming weeks.

H&E Equipment Services, headquartered in Baton Rouge, La., is No. 6 on the RER 100.