H&E Equipment Reports Net Loss

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On March 4, 2009, H&E Equipment Services(HEES Quote) reported that it swung to a net loss in Q4 FY08, hurt by goodwill and a non cash impairment charge which reduced net income by $0.41 per share. Net loss was $635,000 or $0.02 per share compared to a net income of $17.07 million or $0.45 per share in Q4 FY07. The latest quarterly consensus estimate was a profit of $0.34 per share.

During Q4 FY08, H&E Equipment Services revenue decreased 9.6% to $261.91 million from $289.67 million a year ago. Segment-wise, HEES's Equipment Rental revenues fell 9.5% to $70.77 million compared with $78.20 million in Q4 FY07. New Equipment sales fell 12.5% to $99.93 million from $114.27 million, while Used Equipment sales decreased 16.1% to $32.34 million from $38.55 million. Additionally, Parts sales grew 2.6% to $29.23 million from $28.50 million, while Service revenues slipped marginally to $17.47 million from $17.45 million. Other revenue dropped 4.2% to $12.16 million from $12.70 million a year ago. ...