H&E Equipment Services (NASDAQ: HEES) reported Q4 EPS of $, versus $0.41 reported last year. Revenue for the quarter came in at $294.7 million versus the consensus estimate of $257.6 million.

FOURTH QUARTER 2017 SUMMARY

• Revenues increased 20.6% to $294.7 million versus $244.3 million a year ago.
• Net income was $85.9 million in the fourth quarter compared to net income of $12.4 million a year ago. We recorded an income tax benefit of $58.4 million versus income tax expense of $4.4 million a year ago, resulting from a one-time revaluation of our deferred tax assets and liabilities resulting from the decrease in the corporate federal income tax rate enacted in December. The effective income tax rate was (211.7%) in the fourth quarter of 2017 and 26.3% in the fourth quarter of 2016.
• Adjusted EBITDA increased 15.0% to $90.7 million in the fourth quarter compared to $78.9 million a year ago, yielding a margin of 30.8% of revenues compared to 32.3% a year ago.
• Rental revenues increased 10.9% to $127.7 million in the fourth quarter compared to $115.2 million a year ago.
• New equipment sales increased 65.9% to $74.4 million in the fourth quarter compared to $44.9 million a year ago.
• Used equipment sales increased 28.8% to $32.1 million in the fourth quarter compared to $24.9 million a year ago.
• Gross margin was 34.2% compared to 34.6% a year ago.
• Rental gross margins were 51.0% in the fourth quarter of 2017 compared to 47.7% a year ago.
• Average time utilization (based on original equipment cost) was 74.2% compared to 70.3% a year ago. Average time utilization (based on units available for rent) was 71.3% compared to 67.6% last year.
• Average rental rates increased 1.0% compared to a year ago and 0.6% sequentially.
• Dollar utilization was 36.2% in the fourth quarter compared to 34.3% a year ago.
• Average rental fleet age at December 31, 2017, was 34.6 months compared to an industry average age of 44.4 months.
• Completed a successful add-on notes offering of $200 million aggregate principal amount of new 8-year 5.625% senior unsecured notes issued under an indenture dated as of August 24, 2017, with identical terms as the Company’s $750 million of senior unsecured notes issued in August 2017. The add-on offering closed on November 22, 2017, and priced at 104.25% of par value.

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