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H&E Equipment (HEES) Inks Deal to Buy Lewistown Rental
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H&E Equipment Services, Inc. (HEES - Free Report) announced that it signed a definitive agreement to acquire Lewistown Rental and three of its related rental operations in Havre, Glasgow, and Great Falls, MT. The deal is expected to complement HEES' current branch facilities in Billings and Belgrade.
Lewistown Rental is a Lewistown, MT-based equipment rental company that, along with its affiliated operations, has experienced immense growth in recent years. It has served a distinct customer base in the underdeveloped markets in northern and central Montana, utilizing an extensive range of equipment. The company and its affiliates operate a broad fleet of equipment, with an estimated fleet worth $28.5 million.
The transaction is expected to close in the second quarter of 2024, subject to the satisfaction of standard closing conditions. Following the completion of the transaction, HEES' equipment rental operations will expand to 145 locations across 30 states.
H&E Equipment came out with quarterly earnings of $1.47 per share in the fourth quarter of 2023, beating the Zacks Consensus Estimate of $1.20. This compares with earnings of $1.41 a year ago. It posted revenues of $386 million for the quarter ended December 2023, surpassing the Zacks Consensus Estimate of $381 million.
Price Performance
Shares of the company have gained 54.9% in the past year compared with the industry’s 69.3% growth.
The Zacks Consensus Estimate for Proto Labs’ 2024 earnings is pegged at $1.62 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days and suggests year-over-year growth of 1.9%. The company has a trailing four-quarter average earnings surprise of 42.2%. PRLB shares have gained 15.7% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 13.9%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.43 per share, which indicates year-over-year growth of 7.8%. Estimates have been unchanged in the past 60 days. The company’s shares have gained 43.3% in the past year.
The Zacks Consensus Estimate for Cadre Holdings’ 2024 earnings is pegged at $1.15 per share. The consensus estimate for 2024 earnings has moved 6% north in the past 60 days and suggests year-over-year growth of 16.7%. The company has a trailing four-quarter average earnings surprise of 33%. CDRE shares have gained 72% in the past year.
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H&E Equipment (HEES) Inks Deal to Buy Lewistown Rental
H&E Equipment Services, Inc. (HEES - Free Report) announced that it signed a definitive agreement to acquire Lewistown Rental and three of its related rental operations in Havre, Glasgow, and Great Falls, MT. The deal is expected to complement HEES' current branch facilities in Billings and Belgrade.
Lewistown Rental is a Lewistown, MT-based equipment rental company that, along with its affiliated operations, has experienced immense growth in recent years. It has served a distinct customer base in the underdeveloped markets in northern and central Montana, utilizing an extensive range of equipment. The company and its affiliates operate a broad fleet of equipment, with an estimated fleet worth $28.5 million.
The transaction is expected to close in the second quarter of 2024, subject to the satisfaction of standard closing conditions. Following the completion of the transaction, HEES' equipment rental operations will expand to 145 locations across 30 states.
H&E Equipment came out with quarterly earnings of $1.47 per share in the fourth quarter of 2023, beating the Zacks Consensus Estimate of $1.20. This compares with earnings of $1.41 a year ago. It posted revenues of $386 million for the quarter ended December 2023, surpassing the Zacks Consensus Estimate of $381 million.
Price Performance
Shares of the company have gained 54.9% in the past year compared with the industry’s 69.3% growth.
Image Source: Zacks Investment Research
Zacks Rank and Stocks to Consider
HEES currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Proto Labs, Inc. (PRLB - Free Report) , Applied Industrial Technologies (AIT - Free Report) and Cadre Holdings, Inc. (CDRE - Free Report) . PRLB currently sports a Zacks Rank #1 (Strong Buy), and AIT and CDRE carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Proto Labs’ 2024 earnings is pegged at $1.62 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days and suggests year-over-year growth of 1.9%. The company has a trailing four-quarter average earnings surprise of 42.2%. PRLB shares have gained 15.7% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 13.9%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.43 per share, which indicates year-over-year growth of 7.8%. Estimates have been unchanged in the past 60 days. The company’s shares have gained 43.3% in the past year.
The Zacks Consensus Estimate for Cadre Holdings’ 2024 earnings is pegged at $1.15 per share. The consensus estimate for 2024 earnings has moved 6% north in the past 60 days and suggests year-over-year growth of 16.7%. The company has a trailing four-quarter average earnings surprise of 33%. CDRE shares have gained 72% in the past year.