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H&E Equipment Services Reports Fourth Quarter 2012 Results


EBITDA for the fourth quarter of 2012 increased 39.2% to $60.4 million compared to $43.4 million a year ago. EBITDA, as a percentage of revenues, was 24.1% compared to 20.0% a year ago.



Total revenues increased 16.2% to $837.3 million from $720.6 million in 2011. Equipment rental revenues increased 26.6% to $288.6 million compared with $228.0 million in 2011. New equipment sales increased 9.8% to $241.7 million from $220.2 million in 2011. Used equipment sales increased 22.5% to $104.6 million compared to $85.3 million in 2011. Parts sales increased 5.4% to $99.6 million from $94.5 million in 2011. Service revenues increased 4.8% to $56.6 million compared with $54.0 million a year ago.

Gross Profit

Gross profit increased 33.5% to $257.3 million from $192.7 million in 2011. Gross margin was 30.7% for 2012 as compared to 26.7% for 2011. This increase in gross margin is primarily due to higher gross margins on rental revenues, used equipment sales and other gross margins.

On a segment basis, gross margin on rentals increased to 47.0% from 41.5% in 2011 primarily due to higher average time utilization and increased average rental rates. On average, 2012 rental rates increased 10.5% as compared to 2011. In 2012, time utilization (based on original equipment cost) increased to 72.0% compared to 69.7% last year. In 2012, time utilization (based on units available for rent) increased to 67.5% from 66.2% a year ago.

Gross margin on new equipment sales was 11.4%, up from 10.9% in 2011. Gross margin on used equipment sales increased to 29.2% from 23.8%. Gross margin on parts sales increased to 27.4% from 26.8%. Gross margin on service revenues was 61.1% compared to 61.0% in 2011.

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