- Revenues grew in all segments, reflecting a 17.6% year-over-year increase to $134.9 million in total revenues.
- Rental revenues increased 33.0% from a year ago to $48.5 million.
- Gross margins were 26.0% as compared to 20.8% a year ago. Rental gross margins increased to 35.4% compared to 21.7% a year ago.
- Average time utilization (based on units available for rent) increased to 61.0% compared to 49.7% last year. Average time utilization (based on original equipment cost) increased to 64.9% compared to 51.2% a year ago.
- Average rental rates turned positive in March on a year-over-year basis.
- Dollar utilization was 27.9% in the first quarter compared to 22.0% a year ago.
- Average rental fleet age at March 31, 2011 was 43.2 months compared to an industry average of approximately 53 months.
- EBITDA increased 93.6% to $21.3 million from $11.0 million, yielding a margin of 15.8% compared to 9.6% of revenues a year ago.
H&E Equipment Services Reports First Quarter 2011 Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts