BATON ROUGE, La. — H&E Equipment Services announced a $20.8-million increase in third-quarter revenue, a 20.8-percent year-over-year increase, from $100.1 million to $120.9 million. Earnings before interest, taxes, depreciation and amortization jumped 26.3 percent over the third quarter of 2003.
Equipment rental revenue increased from $40.4 million in the third quarter of 2003 to $42 million this year, a 4.2 percent increase. Rental revenues improved in the aerial work platform and lift truck product lines, offset by a decline in crane and earthmoving rental revenue.
Nine-month revenue ended September 30 increased year-over-year from $115.2 million to $116.7 million. Total year-to-date revenue leaped from $306.2 million to $346.6 million.
Third-quarter 2004 income from operations was $8.9 million, compared to $1.7 million last year, an increase of $7.2 million, excluding a $400,000 litigation loss in 2003. The third quarter 2004 net loss was $1.2 million, down from the $8 million net loss for 3Q03.
Dollar utilization for the third quarter increased from 30.8 percent in 3Q03 to 35.5 percent.
“We anticipate the modest improvement in the economy we have seen thus far will continue throughout the remainder of the year,” said H&E CEO John Engquist. “Many of the challenges faced by the equipment industry these past few years are working themselves out. Used equipment values are increasing, excess equipment capacity is gone, rental rates are improving and customer demand for our products and services is growing.”
Engquist also announced that chief financial officer Lindsay Jones is resigning following a transition period. Jones, who has been with the company since 1998, played a major role in the merger between Head & Engquist and ICM Co., which created the entity now known as H&E Equipment Services.
Based in Baton Rouge, La., H&E Equipment Services is No. 10 on the RER 100.