H&E Equipment Services increased revenues 11.7 percent in the first quarter, posting $237.2 million compared to $212.4 million in the first quarter of 2013. Net income increased 55.7 percent from $4.8 million a year ago to $7.4 million in this year’s first quarter.
EBITDA leapt 22.2 percent to $62.7 million from $51.3 million a year ago, yielding a margin of 26.4 percent compared to 24.2 percent of revenues in Q113. Rental revenues increased 14.4 percent to $86.2 million. New equipment sales jumped 30.4 percent to $69.5 million.
Average rental rates increased 2.5 percent compared to the first quarter of 2013. Dollar utilization jumped to 34.1 percent, compared to 33.9 percent a year ago. Average rental fleet age on March 31, 2014, was 34.4 months.
“Our first quarter results were strong as we delivered solid increases in revenue and EBITDA as a result of continued strength in our rental and distribution businesses,” said H&E CEO John Engquist. “Despite challenging weather conditions earlier in the year, rental revenues increased 14.4 percent compared to a year ago on a 45.2 percent margin, and new equipment sales grew 30.4 percent compared to a year ago as demand for cranes and earthmoving was high. We are extremely pleased with such a solid start to the year.”
H&E Equipment Services, based in Baton Rouge, La., is No. 8 on the RER 100.