WASHINGTON (dpa-AFX) - H&E Equipment Services, Inc. (HEES) Tuesday reported a sharp decline in third quarter earnings, while revenues were down 4 percent, compared to the prior year.
The shares are currently at $52.58, down 6.91 percent from the previous close of $56.59.
The quarterly earnings were $31.1 million, down from $48.9 million last year. On a per share basis, earnings were $0.85, lower that $1.35 in the previous year. The comparative prior year had a pre-tax $5.7 million non-cash goodwill impairment charge.
On average, six analysts polled by Thomson Reuters expected the company to earn $1 per share. Analysts estimates usually exclude special items.
Revenue for the quarter declined to $384.9 million, compared to $400.7 million. Sales of rental equipment decreased 47.3 percent to $27.8 million compared to $52.7 million a year ago.
The report includes the Company's branch expansion achievements, with the addition of eight new locations in the third quarter, expanding the Company's branch network to 157 locations across 32 states.
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