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H&E Equipment Services, Inc. announced the completion of acquiring Lewistown Rental and its affiliated companies, expanding its presence in Montana. The acquisition included equipment worth $28.5 million, boosting the company's geographic reach and service capabilities.
H&E Equipment Services, Inc. (NASDAQ: HEES) reported Q1 2024 results with revenue increasing by 15.2% to $371.4 million and net income reaching $25.9 million. The company saw growth in rental revenues, sales of rental equipment, and sales of new equipment. Gross profit improved by 16.6%, and Adjusted EBITDA increased by 13.1% to $161.7 million. The rental fleet expanded by 15.7% to over $2.8 billion. Despite SG&A expenses rising by 19.9%, income from operations grew to $52.0 million. Interest expense rose to $18.4 million, leading to a net income of $25.9 million. Adjusted EBITDA margin was 43.6%. The company revised its capital expenditure guidance for 2024 to $350-400 million. Industry prospects are stable with a focus on branch expansion and fleet growth.
