- Revenues increased 40.7% to $184.3 million versus $131.0 million a year ago. Growth was achieved in all operating segments.
- Net income increased to $2.7 million in the second quarter compared to a net loss of $7.1 million a year ago.
- EBITDA increased 89.1% to $35.2 million from $18.6 million, yielding a margin of 19.1% compared to 14.2% of revenues a year ago.
- New equipment sales increased 100.0% from a year ago driven by increased crane and earthmoving sales.
- Rental revenues increased 33.8%, or $14.1 million to $55.8 million on higher time utilization, better rates, and a larger fleet compared to a year ago.
- Gross margins were 25.9% as compared to 24.7% a year ago. Rental gross margins increased to 40.7% compared to 31.1% a year ago.
- Average time utilization (based on units available for rent) increased to 67.1% compared to 54.9% last year and 61.0% last quarter. Average time utilization (based on original equipment cost) increased to 70.0% compared to 57.9% a year ago and 64.9% in the first quarter of 2011.
- Achieved positive year-over-year and sequential rental pricing in the quarter. Average rental rates increased 6.4% compared to a year ago and improved 4.2% from the first quarter of this year.
- Dollar utilization was 31.0% as compared to 25.3% a year ago.
- Average rental fleet age at June 30, 2011 was 43 months, down slightly from the end of the last quarter and significantly younger than the industry average age of 53 months.
H&E Equipment Services Reports Second Quarter 2011 Results
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