Baton Rouge-based H&E Equipment Services Inc. reported a second-quarter profit of $2.7 million, or 8 cents per share, compared to loss of $7.1 million, or 20 cents per share, a year ago.
The company, which sells and leases heavy equipment, reported a 40.7 percent jump in revenue to $184.3 million with growth in all of its operating segments. New equipment sales doubled, driven by demand for crane and earthmoving machinery.
“With 41 percent revenue growth on a year-over-year basis and 37 percent on a sequential basis, the current trends in our business are particularly encouraging despite a commercial construction environment that remains relatively dormant,” H&E Equipment Services’ President and CEO John Engquist said in a news release.
Engquist also cited improvement in the rental business, where sales jumped 33.8 percent with higher rates as contributing to the profit.
However, Engquist said the second quarter will likely be H&E’s strongest sales period for 2011, due to the timing of crane and earthmoving deliveries.