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H&E Equipment Services Reports Third Quarter 2011 Results

“We are entering the fourth quarter with momentum in our business and our outlook for the quarter is positive. We expect strong demand for rental equipment again this quarter based on current trends and discussions with our customers. Although activity regarding equipment purchases has increased as customers consider capital expenditures before year end, the timing of these purchases is difficult to predict. Depending on the timing of these potential purchases and normal seasonality, the third quarter could be our peak period of 2011. This would not be unusual as the third quarter is historically our strongest period of the year,” concluded Engquist.



Total revenues increased 19.8% to $184.3 million from $153.8 million in the third quarter of 2010. Equipment rental revenues increased 26.8% to $61.2 million compared with $48.3 million in the third quarter of 2010. New equipment sales decreased 2.4% to $46.5 million from $47.7 million in the third quarter of 2010. Used equipment sales increased 84.8% to $27.2 million compared to $14.7 million in the third quarter of 2010. Parts sales increased 9.1% to $24.6 million from $22.6 million in the third quarter of 2010. Service revenues increased 14.3% to $14.2 million compared to $12.4 million a year ago.

Gross Profit

Gross profit increased 41.7% to $53.7 million from $37.9 million in the third quarter of 2010. Gross margin was 29.2% for the quarter ended September 30, 2011, compared to gross margin of 24.6% for the quarter ended September 30, 2010.

On a segment basis, third quarter of 2011 gross margin on rentals was 44.0% compared to 37.5% in the third quarter of 2010 due to higher average rental rates on new contracts in the period and improved fleet utilization. On average, rental rates increased 8.9% as compared to the third quarter of 2010. Time utilization (based on units) was 68.9% in the third quarter of 2011 and 62.3% a year ago.

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