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UPDATE 1-H&E Equipment Q1 loss wider than expected
May 6, 2010 / 12:26 PM / 8 years ago

UPDATE 1-H&E Equipment Q1 loss wider than expected

* Q1 loss $0.35/shr vs est loss $0.21/shr

* Revenue $114.7 mln vs est $133.4 mln

May 6 (Reuters) - H&E Equipment Services (HEES.O) posted a wider-than-expected first-quarter loss, hurt by continued softness across all its segments.

“At this point, our expectations for 2010 are unchanged and therefore, we anticipate that segments of our business will continue to see low demand for our products and services,” Chief Executive John Engquist said.

The company, which sells and rents out cranes, earthmoving equipment and industrial lift trucks, said the first-quarter was “extremely challenging” due to low demand in end markets, seasonality and severe weather.

For the first quarter, the equipment services company reported a net loss of $12.1 million, or 35 cents a share, compared with a net income of $2.2 million, or 6 cents a share, a year earlier.

Revenue fell 38 percent to $114.7 million.

Analysts on average were expecting loss of 21 cents a share on revenue of $133.4 million, according to Thomson Reuters I/B/E/S.

Shares of the Baton Rouge, Louisiana-based company closed at $11.39 Wednesday on Nasdaq. (Reporting by Megha Mandavia in Bangalore; Editing by Ratul Ray Chaudhuri)

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