H&E Equipment Services Inc. (HEES, Financial) filed Quarterly Report for the period ended 2010-03-31.
H&e Equipment Services Inc. has a market cap of $388.4 million; its shares were traded at around $11.13 with and P/S ratio of 0.6.
Equipment Rental Revenues. Our revenues from equipment rentals for the three month period ended March 31, 2010 decreased $19.0 million, or 34.3%, to $36.5 million from $55.5 million in the same three month period in 2009. Rental revenues decreased for all four core product lines. Revenues from aerial work platforms decreased $12.3 million, cranes decreased $3.3 million, earthmoving equipment decreased $1.6 million, and lift trucks decreased $2.5 million. These decreases were due to lower demand resulting from the macroeconomic downturn and the other factors discussed above, which also negatively impacted our rental rates. Our average rental rates for the three month period ended March 31, 2010 declined 13.9% compared to the same three month period in 2009. Rental revenues from lift trucks decreased $2.5 million, primarily as a result of the Arnold Transaction. Partially offsetting these decreases in rental revenues was a $0.7 million increase in other equipment rentals.
New Equipment Sales Revenues. Our new equipment sales for the three month period ended March 31, 2010 decreased $36.8 million, or 57.4%, to $27.3 million from $64.1 million for the comparable period in 2009. Sales of new cranes decreased $37.3 million, reflecting lower demand due to the macroeconomic downturn and the other factors discussed above. Sales of new lift trucks decreased $1.1 million largely as a result of the Arnold Transaction, while sales of new other equipment decreased $0.3 million. Partially offsetting these new equipment sales decreases were increases in the sales of new aerial work platforms of $1.3 million and sales of new earthmoving equipment of $0.6 million.
Used Equipment Sales Revenues. Our used equipment sales decreased approximately $2.7 million, or 16.5%, to $13.4 million for the three month period ended March 31, 2010, from $16.1 million for the same three month period in 2009, primarily as a result of lower demand for used equipment. Sales of used aerial work platform equipment and used earthmoving equipment decreased $1.9 million and $0.2 million, respectively. Used lift truck sales decreased $0.6 million and other used equipment sales decreased $0.2 million. Sales of used cranes increased $0.2 million.
Parts Sales Revenues. Our parts sales decreased $6.4 million, or 24.6%, to $19.6 million for the three month period ended March 31, 2010 from $26.0 million for the same three month period in 2009. The decline in parts revenues was due to a decrease in customer demand for parts due to the decline in construction and industrial activity in the past year.
Non-Segmented Other Revenues. Our non-segmented other revenues consisted primarily of equipment support activities including transportation, hauling, parts freight and damage waiver charges. For the three month period ended March 31, 2010, our other revenues were $6.4 million, a decrease of $2.7 million, or 29.6%, from $9.1 million in the same three month period in 2009. The decrease was primarily due to a decrease in the volume of these services in conjunction with the decline of our primary business activities.
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H&e Equipment Services Inc. has a market cap of $388.4 million; its shares were traded at around $11.13 with and P/S ratio of 0.6.
Highlight of Business Operations:
Total Revenues. Our total revenues were $114.7 million for the three month period ended March 31, 2010 compared to $186.2 million for the same three month period in 2009, a decrease of approximately $71.5 million, or 38.4%. Revenues decreased for all reportable segments as further discussed below.Equipment Rental Revenues. Our revenues from equipment rentals for the three month period ended March 31, 2010 decreased $19.0 million, or 34.3%, to $36.5 million from $55.5 million in the same three month period in 2009. Rental revenues decreased for all four core product lines. Revenues from aerial work platforms decreased $12.3 million, cranes decreased $3.3 million, earthmoving equipment decreased $1.6 million, and lift trucks decreased $2.5 million. These decreases were due to lower demand resulting from the macroeconomic downturn and the other factors discussed above, which also negatively impacted our rental rates. Our average rental rates for the three month period ended March 31, 2010 declined 13.9% compared to the same three month period in 2009. Rental revenues from lift trucks decreased $2.5 million, primarily as a result of the Arnold Transaction. Partially offsetting these decreases in rental revenues was a $0.7 million increase in other equipment rentals.
New Equipment Sales Revenues. Our new equipment sales for the three month period ended March 31, 2010 decreased $36.8 million, or 57.4%, to $27.3 million from $64.1 million for the comparable period in 2009. Sales of new cranes decreased $37.3 million, reflecting lower demand due to the macroeconomic downturn and the other factors discussed above. Sales of new lift trucks decreased $1.1 million largely as a result of the Arnold Transaction, while sales of new other equipment decreased $0.3 million. Partially offsetting these new equipment sales decreases were increases in the sales of new aerial work platforms of $1.3 million and sales of new earthmoving equipment of $0.6 million.
Used Equipment Sales Revenues. Our used equipment sales decreased approximately $2.7 million, or 16.5%, to $13.4 million for the three month period ended March 31, 2010, from $16.1 million for the same three month period in 2009, primarily as a result of lower demand for used equipment. Sales of used aerial work platform equipment and used earthmoving equipment decreased $1.9 million and $0.2 million, respectively. Used lift truck sales decreased $0.6 million and other used equipment sales decreased $0.2 million. Sales of used cranes increased $0.2 million.
Parts Sales Revenues. Our parts sales decreased $6.4 million, or 24.6%, to $19.6 million for the three month period ended March 31, 2010 from $26.0 million for the same three month period in 2009. The decline in parts revenues was due to a decrease in customer demand for parts due to the decline in construction and industrial activity in the past year.
Non-Segmented Other Revenues. Our non-segmented other revenues consisted primarily of equipment support activities including transportation, hauling, parts freight and damage waiver charges. For the three month period ended March 31, 2010, our other revenues were $6.4 million, a decrease of $2.7 million, or 29.6%, from $9.1 million in the same three month period in 2009. The decrease was primarily due to a decrease in the volume of these services in conjunction with the decline of our primary business activities.
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