(RTTNews) - H&E Equipment Services Inc. (HEES) on Thursday reported an increase in profit for the third quarter from last year on higher revenues. Both earnings per share and revenue beat analysts' expectations.
The company's net income for the third quarter increased to $28.4 million or $0.79 per share from $21.3 million or $0.59 per share in the year-ago period.
Revenues for the quarter grew 9.6 percent to $353.0 million from $322.1 million a year ago.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share for the quarter on revenues of $341.41 million. Analysts' estimates typically exclude special items.
Brad Barber, H&E Equipment Services' chief executive officer and president, said, "Our third quarter results were solid as we continued to experience broad-based demand for rental equipment throughout our end-user construction markets. We achieved a 2.4% improvement in rates compared to a year ago and physical utilization increased 40 basis points to 71.4%, which helped drive an 18.4% increase in rental revenues."
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