- Revenues increased 26.8% to $174.6 million versus $137.7 million a year ago. Revenues increased 13.5% from the third quarter of 2010.
- Rental revenues increased 26.3% from a year ago and 6.8% from the third quarter.
- New equipment sales increased 71.7% from a year ago and 32.8% from the third quarter.
- Gross margins were 23.9% as compared to 22.3% a year ago. EBITDA margins were 15.4% versus 14.2% a year ago (adjusted to remove a $9.0 million goodwill impairment charge in 2009).
- Rental gross margins increased to 39.2% in the fourth quarter compared to 27.1% a year ago and 37.5% in the third quarter.
- Average time utilization (based on units available for rent) increased to 62.7% compared to 53.3% last year and 62.3% in the third quarter. Average time utilization (based on original equipment cost) increased to 67.0%, compared to 55.4% a year ago and 65.9% in the third quarter.
- Rental rates improved 2.2% sequentially from the third quarter, the second consecutive quarter of sequential gains in rental rates. Declines in rental rates on a year-over-year basis continued to moderate and were down 1.0% compared to the fourth quarter of 2009.
- Dollar utilization was 30.2% in the fourth quarter compared to 23.9% a year ago and 29.2% in the third quarter.
- Rental fleet age at December 31, 2010 was 43 months compared to an industry average of approximately 53 months.
H&E Equipment Services, Inc. (NASDAQ: HEES) today announced operating results for the fourth quarter and year ended December 31, 2010. FOURTH QUARTER 2010 HIGHLIGHTS