- Revenues increased 13.4% to $209.0 million versus $184.3 million a year ago.
- Net income increased to $10.5 million in the second quarter compared to net income of $2.7 million a year ago.
- EBITDA increased 46.8% to $51.7 million from $35.2 million, yielding a margin of 24.7% compared to 19.1% of revenues a year ago.
- Rental revenues increased 26.4%, or $14.7 million to $70.5 million on higher time utilization, better rates, and a larger fleet compared to a year ago.
- Gross margins were 30.7% as compared to 25.9% a year ago. Rental gross margins increased to 47.5% compared to 40.7% a year ago.
- Average time utilization (based on units available for rent) increased to 68.7% compared to 67.1% last year and 65.8% last quarter. Average time utilization (based on original equipment cost) increased to 73.5% compared to 70.0% a year ago and 69.5% in the first quarter of 2012.
- Achieved positive year-over-year and sequential rental pricing in the second quarter. Average rental rates increased 11.0% compared to a year ago and improved 5.0% from the first quarter of this year.
- Dollar utilization was 35.6% as compared to 31.0% a year ago.
- Average rental fleet age at June 30, 2012 was 40.4 months, down slightly from the end of the last quarter and significantly younger than the industry average age of 50 months.
H&E Equipment Services Reports Second Quarter 2012 Results
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