H&E Equipment Services says its profits fell 80% in the first quarter because of a reduction in demand for heavy machinery. The Baton Rouge-based equipment sales and leasing company says it earned $2.2 million, or 6 cents a share, in the first quarter, compared with $10.2 million, or 28 cents a share, during the first three months of 2008. Revenues were $186.2 million, a 24% drop from the first quarter of 2008. The company, which has nearly 1,900 employees, says it has trimmed its workforce by about 6% this year, slashed rental rates and cut its fleet of vehicles in response to the market conditions. H&E says it expects the weak demand will continue through the rest of the year, but notes the first quarter is traditionally soft.
H posts 80% drop in profits
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