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Focused

H&E Equipment: Utilization Strong to Start 4Q18

Earnings Note: 25 Oct 2018, 3:40 PM ET - H&E reported solid 3Q18 results with rental revenue increasing due to rental rate growth, strong utilization and an increase in equipment available for rent.  Equipment sales were also strong indicative of strength in the rental market.  
Focused

H&E Equipment: Post Earnings Update

Earnings Note: 31 Jul 2018, 5:17 PM ET - H&E posted solid 2Q18 results driven by continued positive rental rate pricing and strong utilization levels.  Supporting results at H&E were used equipment market sales and resurgence of new equipment (crane) sales.

US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.

Parker: 3Q18 | Shifting to Market perform

Earnings Note: 26 Apr 2018, 9:13 PM ET - PH’s earnings were strong, but with the equity now under pressure and debt reduction plans nearing completion we anticipate a capital allocation change soon. We take our Outperform on the credit to a Market perform.
Focused

H&E Equipment: Equity Slammed, Stable Credit

Earnings Note: 26 Apr 2018, 9:12 PM ET - H&E delivered solid 1Q18 results as both rental and utilization rates continue to post positive trends. Credit trends are stable but the stock got crushed given confusion around standalone margins vs contribution from a recent acquisition.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

H&E Equipment: Crane Demand Improves

Earnings Note: 22 Feb 2018, 8:13 PM ET - End market demand remains solid which has led to improved rental rates and utilization for H&E and peers. Capex will increase in 2018 and H&E will continue to hunt for tuck-in acquisition targets while pursuing greenfield expansion.

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.
Focused

H&E: Acquires CO based Contractors Equip. Center

Worth Watching: 21 Nov 2017, 11:05 AM ET - H&E Equipment announced that it has entered into a definitive agreement to acquire Contractors Equipment Center for $122.4 mn.  The announcement does not come as a surprise since H&E was in the market yesterday with a $200 mn add-on to its 5.62 ..
Focused

H&E Equipment: In the Market

HY Note: 20 Nov 2017, 11:28 AM ET - H&E is in the market with a $200 mn add on to its existing $750 mn 5.625% September 2025 notes which were issued in August. We continue to rate H&E at market perform.

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..
Focused

H&E Equipment: Positive Trends

Earnings Note: 26 Oct 2017, 4:45 PM ET - H&E reported favorable rate and utilization trends which follow bullish trends from industry leader URI last week. Rental demand remains strong and hurricane cleanup/rebuild efforts are providing a tailwind. 

Caterpillar: 3Q17 | Knocks the Cover off the Ball

Earnings Note: 24 Oct 2017, 8:11 PM ET - Caterpillar’s earning trajectory has been on a favorable trend line in 2017 and the trend continued into the third quarter with a set of strong results. The quarter did not change our view of the credit and we remain at a Market perform.

September 2017 Company Coverage Initiated

Company Coverage Initiated: 01 Oct 2017, 3:19 PM ET - Our monthly report provides executive summaries for the five companies on which we launched coverage in the US and Europe during the month of September.
Focused

H&E Equipment: Initiation

Company Spotlight: 14 Sep 2017, 4:50 AM ET - We initiate coverage on H&E at Market perform after the rapid post-deal spread compression. Trading levels may outpace the willingness of Moody's to move H&E out of the B tier any time soon, but H&E has a BB tier risk profile.
Focused

Credit Profile: H&E Equipment Services

Company Spotlight: 13 Sep 2017, 7:01 PM ET - We review the credit trends of H&E Equipment in the aftermath of its thwarted attempt to acquire Neff Rental in a move that would have put H&E in the top 5 of equipment leasing. Plan B was refinancing and extension.

Multi-Industrials: 2Q Review, Event Risk & More

Sector Analysis: 21 Aug 2017, 10:17 PM ET - In this report we broadly review earnings trends for nearly two dozen industrial credits, discuss companies with elevated event risk and also highlight new issuance candidates.

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