BATON ROUGE, La. (AP) — H&E Equipment Services Inc. said Tuesday that its fourth-quarter net income jumped 36 percent, helped by a steep jump in equipment rental revenue.
The Baton Rouge, La.-based company, which provides industrial equipment such as cranes, platform lifts and earthmovers, earned $10.7 million, or 31 cents per share, up from $7.9 million, or 23 cents per share, in the same quarter last year.
Revenue jumped 15 percent to $250.1 million from $217 million.
The results beat Wall Street predictions. Analysts, on average, expected earnings of 30 cents per share on $230.4 million in revenue, according to FactSet.
Equipment rental revenue jumped 29 percent to $80.7 million, as the company's fleet grew in size and average rental rates increased 10 percent. New equipment sales were roughly flat at $87 million, while used equipment sales jumped 50 percent to $29.5 million.
For the full year 2012, H&E earned $28.8 million, or 82 cents per share, up from $8.9 million, or 26 cents per share, in 2011. Revenue increased to $837.3 million from $720.6 million.
Its shares finished at $19.85 on Monday. That is near the high end of their 52-week range of $11.52 to $21.18.