This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

H&E Equipment Services Reports First Quarter 2011 Results

H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the first quarter ended March 31, 2011.

  • 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.

“We are extremely pleased with our first quarter results and the ongoing improvements in our business,” said John Engquist, H&E Equipment Services’ president and chief executive officer. “Despite normal seasonality that was compounded by historically inclement weather in many of our end markets, our business delivered solid year-over-year improvements in revenue, gross profit and EBITDA. The trends in our rental business remain particularly strong as revenue increased 33.0%, gross profit increased 116.7% and gross margins increased from 21.7% to 35.4% despite a slight decline in rental rates from a year ago. We were pleased to see rates turn positive on a year-over-year basis in the month of March. Furthermore, the second quarter has started on a positive note with solid year-over-year gains in April rental rates. Visibility in our distribution business remains limited. While new earthmoving equipment sales were strong, the lack of large crawler crane sales negatively impacted new equipment sales compared to the fourth quarter.”

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs