BATON ROUGE, La. — H&E Equipment Services announced that first-quarter revenues increased $16.6 million, or 14.8 percent from the first quarter of 2004. First-quarter gross profit jumped $12 million, or 48.4 percent year over year, first-quarter net income increased $10 million, or 111.5 percent from the first quarter of 2004, and first quarter EBITDA jumped $10.4 million, or 74 percent.
First-quarter rental revenues were $40.6 million, up 14 percent from $35.6 million in Q104. Income from operations was $11 million, up from $0.9 million last year. Net income was $1 million, compared to a $9 million net loss in Q104.
The increase in rental revenue was primarily the result of a $4.5 million increase in aerial work platform rental revenue. Original acquisition cost of the rental fleet was $459.8 million, down $13.6 million from $473.4 million at the end of the first quarter of 2004. And for the first quarter, dollar utilization increased to 35.1 percent from 29.6 percent a year ago.
First quarter new equipment sales were $30.3 million, a 19.8-percent increase from $25.3 million last year. First quarter used equipment sales were $25.6 million, a 9.9 percent year-over-year increase. New equipment sales increased in aerial work platforms, earthmoving, lift trucks and other new equipment, while new crane sales decreased.
“Our strong performance in the first quarter reflects significant improvement in revenue and gross profit in each of our business segments,” president and CEO John Engquist said. “With continued improvement in non-residential construction, the primary driver of our business, and our belief that we will continue to see rental rates improve throughout the remainder of the year, 2005 should be a very strong year for our company.”
Baton Rouge, La.-based H&E is No. 10 on the RER 100.