H&E Equipment Services, Inc (HEES) has reported 3.87 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $12.43 million, or $0.35 a share in the quarter, compared with $11.97 million, or $0.34 a share for the same period last year. Revenue during the quarter dropped 10.56 percent to $244.35 million from $273.21 million in the previous year period. Gross margin for the quarter expanded 164 basis points over the previous year period to 34.64 percent. Total expenses were 87.77 percent of quarterly revenues, up from 87.75 percent for the same period last year. That has resulted in a contraction of 3 basis points in operating margin to 12.23 percent.
Operating income for the quarter was $29.87 million, compared with $33.48 million in the previous year period.
John Engquist, H&E Equipment Services’ chief executive officer, said, “2016 was a solid year for our company and industry as the strength in the non-residential construction markets continued into the fourth quarter. Demand for rental equipment was healthy, with both revenues and margins up slightly from a year ago. Ongoing weakness in crane demand continued to negatively affect our distribution business, with new and used crane sales down $23.0 million on a combined basis.”
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