H&E Tools Companies sees rental revenues rise 21% in 2Q

H&E facility in Fort Collins, Colorado.

Citing ongoing energy in non-residential development markets, H&E Tools Companies says it noticed a 7.5 % improve in whole revenues and a 2.2 % improve in common rental charges in contrast with the the identical quarter final yr.

“Our prospects stay optimistic with stable visibility into their undertaking pipelines for the rest of this yr and into 2020,” says Brad Barber, H&E CEO and president. This has result in a 71.2 % utilization price and a 20.9 % improve in rental revenues from the identical interval final yr.

Supply: H&E Tools Companies

“Our outlook stays constructive as we proceed to see broad-based demand throughout our total footprint encompassing all product sorts,” Barber provides. “The Gulf Coast stays robust and a brand new wave of huge initiatives are being introduced as anticipated. We consider the secular shift towards tools leases will proceed. We stay targeted on enhancing all areas of our enterprise with an emphasis on progress in rental. We plan to execute this progress via same-store market share enchancment, acquisitions and warm-start department openings.” 

Different 2Q highlights:

Rental fleet: The unique acquisition prices of the corporate’s rental fleet was $1.9 billion on the finish of the second quarter. This is a rise of $260.3 million from the identical interval final yr.

New tools gross sales decreased 21.eight % to $53.6 million in contrast with a yr in the past.

Used tools gross sales elevated 12.4 % to $36.1 million in the course of the quarter, in contrast with 2Q 2018.