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Investigation Details
On February 22, 2024, H&E released its Q4-2023 earnings in which the Company’s officers presented an “optimistic” outlook for the Company’s financials in 2024. H&E officers described a favorable rental environment and “sound” industry fundamentals and thus anticipated further growth.
However, on April 30, 2024, the Company hosted its Q1-2024 quarterly earnings call on which H&E Officers announced reduced capital expenditure (“CapEx”) guidance. Company officers said the CapEx cut was due to reduced equipment utilization, “subdued” spending on construction projects, and persistently high interest rates. Analysts said the reduced CapEx reflects an “incrementally negative outlook” for the Company.
Following the release of the earnings report, CMTL shares fell $11.25, or 19%.
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