H&E Equipment Posts Record Rental Results

H&E Equipment Services equipment rental revenues grew 28.6 percent in the third quarter to $253.6 million, compared with $ 197.2 million in the same period of 2021. Used equipment sales decreased in the quarter by 34.7 percent to $20.3 million compared to $31.1 million a year ago.

New equipment sales were up 21.4 percent to $23.5 million compared to $19.4 million in the third quarter of 2021.

Total revenues for the third quarter were $324.3 million, up 17.7 percent over the $275.4 million reported in 2021. Net income increased 55.2 percent to $38.4 million in the quarter, compared to $24.7 million in 2021.

Gross margin improved to 46.8 percent, with total equipment rental gross margins of 50.5 percent, up from 45.6 percent in the same period of 2021.

Average rental fleet age at the end of the quarter was 40.6 months.

Source: H&E Equipment Services