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    Seth Weber

    Managing Director and Senior Equity Research Analyst at Wells Fargo

    Seth Weber is a Managing Director and Senior Equity Research Analyst at Wells Fargo Securities, specializing in industrials and machinery sectors with a particular focus on leading companies such as Caterpillar, Deere & Company, Cummins, AGCO, and CNH Industrial. He is known for his rigorous research and market insight, consistently providing highly rated investment recommendations and holding a strong track record recognized on platforms like TipRanks with a success rate of over 62% and an average annual return exceeding 9%. Weber began his equity research career in the early 2000s, previously serving as a Director at RBC Capital Markets and an analyst at Lehman Brothers before joining Wells Fargo in 2018. Holding FINRA Series 7, 63, 86, and 87 licenses, he has earned a reputation for his expertise in industrials coverage and has been cited as a top analyst in the sector.

    Seth Weber's questions to HEES leadership

    Seth Weber's questions to HEES leadership • Q4 2023

    Question

    Asked about the 2024 CapEx guidance, whether it reflected a pull-forward of spending, and its ability to support utilization levels. Also inquired about the rental rate outlook for 2024, free cash flow expectations, and guidance for used equipment sales margins.

    Answer

    The company confirmed some CapEx was pulled forward into Q4 2023. They anticipate utilization being pressured in H1 but showing positive year-over-year improvement in H2. Rental rates are expected to be positive but moderate from recent years. Free cash flow is expected to be positive for 2024. Used equipment sales margins are guided to be 50%+, with Q1 potentially closer to 60%.

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