BR’s H&E lowers earnings forecast
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Baton Rouge-based H&E Equipment Services Inc.’s second-quarter profit of $16.1 million, or 45 cents per share, beat stock analysts expectations of 41 cents per share.
But H&E’s stock slipped $1.07 per share today to $10.99 in early trading as the heavy equipment seller and crane rental firm lowered its earnings forecast for the year.
H&E expects 2008 per-share earnings in the range of $1.57 to $1.71 with revenue in the $1.09 billion to $1.11 billion range. Earlier, H&E’s earnings guidance placed its 2008 profit in the range of $1.74 to $1.99 per share, with revenue at $1.13 billion to $1.16 billion.
Analysts surveyed by Thomson Financial Network estimated earnings of $1.76 per share on revenue of $1.13 billion.
The continuing credit crisis and “skyrocketing construction costs” will slow commercial construction during the second half of the year, H&E president and chief executive officer John Engquist said in a press release. Among other things, the company is reducing its fleet to reduce costs.
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