Solid gains: H&E Equipment Services CEO John Engquist says 2016 was a solid year for the Baton Rouge-based firm, which saw its net income slightly increase in the fourth quarter of 2016. According to the firm’s latest quarterly report, H&E posted a net income of $12.4 million, or 35 cent per diluted share, compared to $12 million, or 34 cents per diluted share, for the same quarter in 2015. Revenues, however, decreased 10.6% to $244.3 million in the fourth quarter of 2016 from $273.2 million in the fourth quarter of 2015. In a statement, Engquist says the strength in the non-residential construction markets continued into the fourth quarter, and demand for rental equipment was healthy, with both revenues and margins up slightly from a year ago. Read more.
Lower numbers: Initial unemployment insurance claims for the week ending Feb. 18 decreased to 2,131 from the previous week’s total of 2,230, according to the latest data from the Louisiana Workforce Commission. For the comparable week a year ago, there were 2,958 initial claims. The four-week moving average, a less volatile measure of claims, decreased to 2,309 from the previous week’s average of 2,391. Continued unemployment insurance weeks claimed for the week ending Feb. 18 decreased to 20,579 from the previous week’s total of 21,123. Continued weeks claimed were below the comparable figure of 22,849 for the week ending Feb. 20, 2016. Read the full announcement.
Up and down: The total tally of active oil and gas rigs in Louisiana declined this week to 49, from 51 one week ago, according to the weekly count by Houston-based oilfield services company Baker Hughes. The state lost one rig each in north and south Louisiana. Around this time one year ago, there were 47 active rigs in Louisiana. The total U.S. rig count, meanwhile, increased by three this week to 754, up from 751 one week ago. For the comparable week one year ago, there were 502 active oil and gas rigs. Among major oil producing states, Alaska lost two rigs, North Dakota lost one and Wyoming gained one.
