H&E Equipment Services Inc. today announced results for the third quarter ended September 30, 2012.
- Revenues increased 11.0% to $204.5 million versus $184.3 million a year ago.
- Net income was $3.7 million in the third quarter compared to $4.8 million a year ago. Adjusted Net Income increased $6.1 million to $10.9 million compared to net income of $4.8 million a year ago.
- Adjusted EBITDA increased 38.3% to $55.9 million from $40.4 million, yielding a margin of 27.3% compared to 21.9% of revenues a year ago.
- Rental revenues increased 27.2%, or $16.6 million, to $77.8 million due to improved rates, a larger fleet compared to a year ago and strong demand.
- New equipment sales increased 5.3%, or $2.5 million, to $49.0 million, largely due to higher crane sales.