H&E Equipment Services says it nearly halved its first-quarter loss from a year ago as demand grew for the heavy industrial and construction machinery the Baton Rouge-based company rents and sells. For the first three months of the year, H&E lost $6.5 million, or 19 cents per share, on revenue of $134.9 million. In the first quarter of 2010, H&E lost $12.1 million, or 35 cents per share, on revenue of $114.7 million. H&E says first-quarter rental revenue rose by 33%. H&E also says the average rental time for equipment also rose. Company CEO John Engquist says H&E believes a broad recovery in nonresidential construction markets will not occur until 2012. In the meantime, the company expects losses to moderate for the remainder of this year.
H Equipment slashes 1Q loss
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