- October 3, 2021
- Comments: 0
- Posted by: admin
BATON ROUGE, La., October 01, 2021–(BUSINESS WIRE)–H&E Equipment Services, Inc. ("H&E" or the "Company") (NASDAQ: HEES) today announced it has completed the sale of the Company’s crane business to a wholly-owned subsidiary of The Manitowoc Company, Inc. (NYSE: MTW). Proceeds from the sale are an estimated $130 million in cash, pending the finalization of net working capital and other transaction adjustments. The proceeds are expected to be used for further facilities expansion, investment in the rental fleet, and other general corporate purposes.
Brad Barber, Chief Executive Officer of H&E Equipment Services, Inc., noted, "With the closing of the transaction, H&E has fully exited all crane distribution and service activities while positioning the Company for continued expansion in the equipment rental business. We believe our transition to a pure rental business strategy should result in improved revenues and margins through the industry cycle."
The Company also reported that the previously announced agreement to sell two earthmoving distribution branches in Arkansas has closed. H&E will remain a distributor of earthmoving equipment in the state of Louisiana.
Following the closing of the two transactions, H&E’s equipment rental operations extend across 101 branch locations in 24 states.
About H&E Equipment Services, Inc.
Founded in 1961, H&E Equipment Services, Inc. is one of the largest rental equipment companies in the nation, serving customers across 24 states. The Company’s fleet is among the industry’s youngest and most versatile with a superior equipment mix comprised of aerial work platforms, earthmoving, material handling, and other general and specialty lines. H&E serves a diverse set of end markets in many high-growth geographies including branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast States, Southeast, and Mid-Atlantic regions.
Forward-Looking Statements
Statements contained in this press release that are not historical facts, including statements about H&E’s beliefs and expectations, are "forward-looking statements" within the meaning of the federal securities laws. Statements containing the words "may", "could", "would", "should", "believe", "expect", "anticipate", "plan", "estimate", "target", "project", "intend", "foresee" and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following: (1) risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response to the pandemic, material delays and cancellations of construction or infrastructure projects, supply chain disruptions and other impacts to the business; (2) general economic conditions and construction and industrial activity in the markets where we operate in North America; (3) our ability to forecast trends in our business accurately, and the impact of economic downturns and economic uncertainty in the markets we serve (including as a result of current uncertainty due to COVID-19); (4) trends in oil and natural gas could adversely affect the demand for our services and products; (5) the impact of conditions in the global credit and commodity markets (including as a result of current volatility and uncertainty in credit and commodity markets due to COVID-19) and their effect on construction spending and the economy in general; (6) relationships with equipment suppliers; (7) increased maintenance and repair costs as we age our fleet and decreases in our equipment’s residual value; (8) our indebtedness; (9) use of proceeds from the sale of the crane business, risks associated with the expansion of our business and any potential acquisitions we may make, including any related capital expenditures, or our inability to consummate such acquisitions; (10) our possible inability to integrate any businesses we acquire; (11) competitive pressures; (12) security breaches and other disruptions in our information technology systems; (13) adverse weather events or natural disasters; (14) compliance with laws and regulations, including those relating to environmental matters, corporate governance matters and tax matters, as well as any future changes to such laws and regulations; and (15) other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, we are under no obligation to publicly update or revise any forward-looking statements after the date of this release. These statements are based on the current beliefs and assumptions of H&E’s management, which in turn are based on currently available information and important, underlying assumptions. H&E is under no obligation to publicly update or revise any forward-looking statements after this press release, whether as a result of any new information, future events or otherwise. Investors, potential investors, security holders and other readers are urged to consider the above-mentioned factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211001005081/en/
Contacts
Leslie S. Magee
Chief Financial Officer
225-298-5261
lmagee@he-equipment.com
Jeffrey L. Chastain
Vice President of Investor Relations
225-952-2308
jchastain@he-equipment.com
Related Quotes
Among leading growth stocks, our IBD 50 Stock To Watch pick is Jefferies. Amid a heavy market sell off, Jefferies held up fairly well.
Oct.01 — Joe Gilbert, Integrity Asset Management Portfolio Manager, joined "Bloomberg Markets: Americas:" with Alix Steel and Guy Johnson to discuss the current state of the U.S. Markets.
In this article, we discuss the 15 stocks Cathie Wood is dumping. If you want to skip our detailed analysis of these stocks, go directly to Cathie Wood is Dumping These 5 Stocks. The portfolio value of ARK Investment Management, the New York-based hedge fund managed by Cathie Wood, has increased from over $50 billion […]
Tesla delivered more than 240,000 cars in the third quarter of 2021. Wall Street was looking for about 225,000 to 230,000 deliveries.
BofA's red flag could mean a huge profit opportunity for investors.
Friday marked day one of a market rally attempt, but it's still a correction. Tesla deliveries jumped.
Yahoo Finance Live chats with investing pioneer Alec Gores of The Group about his latest playing on the future of the automobile.
“The rate of inflation in the U.S. rose again in July and drove the increase over the past year to a 30-year high,” MarketWatch’s Jeffrey Bartash reported in August. For investors, that news was, no doubt, worrisome, so we looked at what two financial bigwigs, Suze Orman and Ramit Sethi, as well as other pros, have told investors in the past about dealing with inflation (psst: both say you need to keep investing in stocks.) Here (and below) are Bankrate’s list of featured investing products for September. Suze Orman: “Plan on many costs being double what they are today, and keep investing in stocks.”
ASML (NASDAQ: ASML) and Intel (NASDAQ: INTC) are two of the most important semiconductor companies in the world. ASML is the top supplier of photolithography systems, which are used to etch circuit patterns into silicon wafers. Intel is the top producer of CPUs for PCs and data centers.
Shares of the mid-cap biopharma Atea Pharmaceutical (NASDAQ: AVIR) are up by a respectable 21.5% as of 11:44 a.m. EDT Friday morning. The biotech's shares are taking flight today in response to a successful interim analysis for Merck's oral COVID-19 pill, molnupiravir, in a late-stage trial. Atea, for its part, is also trialing an oral COVID-19 medication, known as AT-527, with a broadly similar mechanism of action (they both interfere with viral replication).
They're simple, obvious, and even a little bit boring — which makes them the perfect foundation for a new portfolio.
It's been a difficult decade, not just month, for income investors, with interest rates so low. Now, income investors confront not just low rates but high inflation.
(Bloomberg) — With markets becoming increasingly risk averse, one of the first places investors are turning their back on is high growth tech stocks.Most Read from BloombergWall Street Titans Warn of the Next Big Risks for InvestorsAn Unapologetic Old Boys’ Network Is Costing Australia BillionsThe Unstoppable Appeal of Highway ExpansionThe Country That Makes Breakfast for the World Is Plagued by Fire, Frost and DroughtHSBC Bets Big on China as Pressure Mounts in LondonCathie Wood’s flagship, th
Start with MercadoLibre (NASDAQ: MELI), Advanced Micro Devices (NASDAQ: AMD), and Seagate Technology (NASDAQ: STX), companies whose shares have risen more than 10% this year and more than 100% over the past five years. MercadoLibre is often called the Amazon of Latin America, it is an e-commerce and fintech giant. The company, which started out as an Argentine company in 1999, is now in 18 countries in the region.
(Bloomberg) — China Evergrande Group’s financial woes have reached Sweden, with a unit of the company’s electric-vehicle arm in talks to find new backers after cutting 300 jobs. Most Read from BloombergWall Street Titans Warn of the Next Big Risks for InvestorsAn Unapologetic Old Boys’ Network Is Costing Australia BillionsThe Unstoppable Appeal of Highway ExpansionThe Country That Makes Breakfast for the World Is Plagued by Fire, Frost and DroughtHSBC Bets Big on China as Pressure Mounts in Lon
Artificial intelligence (AI) has become a buzzword for nearly every company when touting its products and services. What used to be the domain of only a few technology companies is now pervasive in automobiles, drug development, and customer service. Upstart Holdings (NASDAQ: UPST), The Trade Desk (NASDAQ: TTD), and CrowdStrike (NASDAQ: CRWD) were obvious choices.
Lordstown gets needed cash by selling its Ohio plant to Foxconn. But RIDE dived amid updated Endurance production plans.
For 18 months, Wall Street and investors have enjoyed a historic bounce-back rally in the S&P 500 (SNPINDEX: ^GSPC). Unfortunately, all rallies eventually come to an end on Wall Street. Following each of the previous eight bear-market bottoms, dating back to 1960, the benchmark S&P 500 has had either one or two double-digit percentage declines within three years.
An identity thief used my Social Security number and birthday to open up a Robinhood account. Here's what I learned when I dug a little deeper.
Shares of electric vehicle maker Nio (NYSE: NIO) rose 3% Friday morning before losing ground as the day progressed, trading down just about 0.5% as of 1:40 p.m. today. The weakness in the EV stock's price is surprising given that Nio reached a milestone and reported solid delivery numbers for September today, even topping its own projections. Nio delivered a record number of 10,628 vehicles in total in September, up 125.7% year over year.
source
