- Revenues increased 24.3% to $217.0 million versus $174.6 million a year ago. Revenues increased 17.8% from the third quarter of 2011.
- Net income increased to $7.9 million in the fourth quarter compared to a net loss of $2.5 million a year ago.
- EBITDA increased 61.3% to $43.4 million from $26.9 million a year ago, yielding a margin of 20.0% compared to 15.4% of revenues a year ago.
- Rental revenues increased 21.4%, or $11.0 million, to $62.6 million on higher time utilization, better rates, and a larger fleet compared to a year ago.
- New equipment sales increased to $86.6 million, reflecting a 36.7% increase from a year ago and an 86.0% increase from the third quarter. Increases in both comparative periods were driven by higher demand for new cranes.
- Gross margins were 25.8% as compared to 23.9% a year ago.
- Rental gross margins increased to 44.5% in the fourth quarter compared to 39.2% a year ago and 44.0% in the third quarter.
- Average time utilization (based on original equipment cost) increased to 72.3%, compared to 67.0% a year ago and 71.8% in the third quarter. Average time utilization (based on units available for rent) increased to 67.3% compared to 62.7% last year and 68.9% in the third quarter.
- Average rental rates increased 6.5% compared to a year ago.
- Dollar utilization was 33.9% in the fourth quarter compared to 30.2% a year ago and 33.7% in the third quarter.
- Rental fleet age at December 31, 2011 was 43.3 months compared to an industry average of approximately 51 months.
H&E Equipment Services Reports Fourth Quarter 2011 And Full Year 2011 Results
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