Stock Track | H&E Equipment Stock Plunges on Disappointing Q3 Results

Stock Track10-29

Shares of H&E Equipment Services (NASDAQ: HEES) plummeted by over 7% on Tuesday after the equipment rental and distribution company reported weaker-than-expected results for the third quarter of 2024.

The Baton Rouge, Louisiana-based company reported revenue of $384.9 million for the quarter, down 4% year-over-year and missing analysts' consensus estimate of $388.2 million. HEES's net income for the quarter came in at $31.1 million, or $0.85 per diluted share, representing a 12.7% miss compared to the average analyst forecast of $0.97 per share.

The disappointing performance was attributed to weakening industry fundamentals compared to the same period last year. HEES's gross margin declined to 44.5%, down from 47% in Q3 2023, while its operating margin contracted to 15.8% from 19.8% a year earlier. The company's EBITDA margin also fell to 45.6%, down from 47.2% in the third quarter of 2023.

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