H&E Equipment Reports 24.3% Q4 Revenue Increase Over Last Year

John Engquist, H&E Equipment Services' president and chief executive officer, said, "The fourth quarter was exceptionally strong for our business. Our exposure to the industrial sector continues to be very beneficial for our company. Activity related to the oil and gas industries, where we are heavily embedded, greatly increased. Commercial construction activity also showed a modest improvement during the quarter and customers demonstrated improved confidence in the recovery by making meaningful capital purchases. Our distribution business, particularly new equipment sales, far exceeded our expectations for the quarter. As a result of these improvements in market conditions and solid execution by our employees, we delivered an impressive 24.3% increase in revenue growth and a 61.3% increase in EBITDA. Net income grew to $7.9 million compared to a net loss of $2.5 million on a year-over-year basis. Every segment of our business generated solid increases in revenue and gross profit."

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