H&E Gear Companies 3Q revenues improve 9.6%


H&E Gear Companies noticed revenues improve 9.6 % to $353 million within the third quarter in comparison with $322.1 million throughout the identical time interval a 12 months in the past.

Complete tools revenues for the quarter have been $204.1 million a rise of $31.4 million or 18.2 %. Rental revenues have been $184.eight million, a rise of $28.eight million, or 18.4 %.

“Our third quarter outcomes have been strong as we continued to expertise broad-based demand for rental tools all through our end-user development markets,” says Brad Barber, CEO and president. “Rising the dimensions of our rental enterprise continues to be a strategic precedence for our enterprise. We anticipate to attain this objective via natural development, acquisitions and warm-start retailer openings. Based mostly on our present efficiency, strong stage of mission exercise and our clients’ suggestions, our market outlook stays optimistic.” The corporate at the moment has a 23-state footprint.

On the gross sales aspect, new tools gross sales decreased by 4.7 % to $65 million and used tools gross sales elevated by 2.9 % to $31.2 million for the quarter.

Based mostly on authentic tools value, common time utilization was 71.4 % in comparison with 71 % a 12 months in the past. The dimensions of the corporate’s rental fleet (primarily based on authentic acquisition value) elevated 12.3 % from a 12 months in the past to $2 billion. Common rental charges elevated 2.4 % in comparison with a 12 months in the past.