H&E Equipment Services (NASDAQ: HEES) reported Q4 EPS of $0.88, $0.21 better than the analyst estimate of $0.67. Revenue for the quarter came in at $348 million versus the consensus estimate of $341.42 million.

Brad Barber, H&E Equipment Services’ chief executive officer and president, said, “With seasonality, the balancing of supply and demand and a challenging comparable in the year ago quarter, the year finished as we expected during the fourth quarter. We produced solid results for the quarter despite these factors – growing revenues, gross profit and Adjusted EBITDA. The strength in our rental business continued with rental revenues increasing 8.2% from a year ago and we again achieved rate growth, which increased 1.7%. Our performance for the full year of 2019 was also positive as we delivered an 8.8% increase in revenues and a 16.7% increase in Adjusted EBITDA. The metrics for our rental business were impressive as rental revenues for the year increased 17.3% from 2018. Average physical utilization for the year remained solid at 70.4% and average rates were 2.1% higher than in 2018. Overall, we are pleased with our execution and results for 2019.”

Barber concluded, “Based on current industry indicators and customer sentiment, the non-residential construction markets we serve are expected to be stable in 2020. Increasing the scale and scope of our rental business through selective acquisitions and organic expansion remains one of our highest priorities.”

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