Rental rates up 10% at H&E

By Murray Pollok11 November 2022

US rental company H&E Equipment Services said its average rental rate in the third quarter of 2022 was 10.1% higher than a year ago, and up 3.2% on the second quarter.

Rate increases as well as strong fleet utilisation and fleet growth saw the the company report 17.7% growth in revenues to US$324.3 million and a 55.2% increase in net profits to $38.4 million. EBITDA profits rose by 24.1% to $139.4 million.

H&E Equipment headquarters H&E’s corporate headquarters in Baton Rouge, Louisiana.

Brad Barber, CEO of H&E, said the company expected “favourable industry fundamentals” for the rest of 2022 and into 2023; “This promising outlook is supported by a backlog of projects in the non-residential construction and industrial end markets that continue to sustain strong customer demand.”

Barber said that supply chain constraints were constricting the availability of rental equipment, which reinforced what he called a “fundamentally sound business environment, leading to solid fleet utilisation and favourable pricing trends.”

He said H&E would benefit in 2023 from numerous infrastructure jobs as well as projects to expand manufacturing capabilities and renewable energy.

During the third quarter, the company opened four new rental locations and acquired One Source Equipment Rentals, which added 10 sites in Illinois, Indiana and Kentucky.

Barber added; “With more openings expected in the fourth quarter, we are confident in achieving our goal of no less than 10 new locations in 2022. In less than two years, we have added 28 locations to our branch network and now operate 120 branches across 29 states.”

The financial results above exclude H&E’s crane rental business, which was sold to Manitowoc in October 2021. 

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Access, Lift & Handlers Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Featured Training From Easybook
NYC SST Online Training

The clock is ticking… Construction workers in New York City – have you fulfilled your required Site Safety Training (SST)? Get your SST card online now

Latest Events
Your guide to World of Concrete 2023
Set to open Jan. 17, this year’s masonry-focused event features new programs, education and
Early Bird discount expires at month’s end for SAIA’s Committee Week 2023
Scaffolding professionals will meet in Phoenix get council updates, set goals, get training and discuss industry issues
New IAPA equality, diversity and inclusion category announced
The EDI award is now open for entries and celebrates the creation of truly diverse workplaces 
Off-Highway Research

The gold standard in market research

Off-Highway Research offers a library of more than 200 regularly updated reports, providing forensic detail on key aspects of the construction equipment industry.

Our detailed insights and expert analyses are used by over 500 of the world’s largest and most successful suppliers, manufacturers and distributers, to inform their strategic plans and deliver profitable growth.

Click here to visit our website

CONNECT WITH THE TEAM
Lindsey Anderson Editor, Access, Lift & Handlers Tel: +1 312 929 4409 E-mail: lindsey.anderson@khl.com
Tony Radke Sales Manager Tel: +1 480 478 6302 E-mail: tony.radke@khl.com
CONNECT WITH SOCIAL MEDIA