H&E Equipment has reported a 10.4% increase in revenue for the third quarter of 2021. The company says improved fleet utilization, rental rate appreciation and significant progress toward its transition to a pure equipment rental business supported revenue growth and margin appreciation.
“Customer demand for our diverse mix of rental equipment remained vigorous throughout the third quarter as the recovery in nonresidential construction intensified, and the increased activity led to another quarter of strong financial performance,” says H&E Equipment Services CEO Brad Barber. “Among our key metrics, average physical utilization improved to 71.9% in the third quarter, decidedly better than averages, when stated on a continuing operations basis, of 63.5% and 68.7% in the third quarter of 2020 and the second quarter of 2021, respectively.”
During the third quarter, the company agreed to sell its crane distribution business, as well as two earthmoving distribution branches. Proceeds from the transactions will go toward continued investment in H&E’s rental fleet and the development of its national branch network.
EquipmentShare announces apprenticeship program
The nationwide equipment rental company EquipmentShare plans to launch an apprenticeship program starting in January.
The program will offer on-the-job training with next-generation equipment and EquipmentShare’s technology to prepare the next generation of talented construction industry professionals, says Jabbok Schlacks, CEO and co-founder.
EquipmentShare’s new apprenticeship program manager, Kalynn Ramsey, is working with counselors and professors at colleges, technical schools and career centers in Missouri to develop the program. Additionally, the program will be registered with the U.S. Department of Labor to meet national quality standards. As part of the program, EquipmentShare will cover a portion of the cost of each apprentice’s schooling and provide on-the-job training for skilled workers, such as mechanics and technology installers.
Apprenticeship Missouri provided support to help EquipmentShare prepare its apprenticeship program for launch. The organization works with employers, providers and partners to build a diverse and skilled workforce in Missouri through apprenticeship and work-based learning opportunities.
The company will issue an announcement when the apprenticeship program officially launches early next year. Individuals interested in learning more about the upcoming apprenticeship program may contact EquipmentShare’s Kalynn Ramsey at firstname.lastname@example.org or visit equipmentshare.com/careers.
Kirby-Smith taps Joel Cook as EVP and GM, Construction Group
Kirby-Smith Machinery has named Joel Cook as its executive vice president and general manager of construction groups. Cook has decades of experience in the heavy equipment industry and most recently served as president and CEO of Road Machinery, a Komatsu distributor in Phoenix.
In his new role, Cook will be responsible for strategic direction, operational management and overall leadership of the heavy equipment distributor’s construction group, which includes a current territory with 12 physical locations throughout Oklahoma, Texas, Kansas and Missouri.
Alta Equipment acquires Midwest Mine Services
Alta Equipment Group has acquired Midwest Mine Services, a designer, fabricator and installer of full aggregate processing plants for quarries, mines and recycling operations across the United States.
Headquartered near Toledo, Ohio, the company is also the authorized dealer for several original equipment manufacturers and their component supply partners, further expanding Alta’s OEM relationships. The transaction is expected to close in the fourth quarter of 2021.
BOMAG adds CMW Equipment as dealer
BOMAG Americas has named Missouri-based CMW Equipment as a dealer. The manufacturer of soil, asphalt and landfill compaction equipment seeks to expand its presence in the Missouri and southern Illinois markets.
Sonsray Machinery acquires Booth Machinery, breaks into ag market
Sonsray Machinery has entered the agriculture market with its acquisition of Booth Machinery, a Case IH dealership. Sonsray says the purchase expands its presence into five new locations in California and Arizona. The company now has 32 locations on the West Coast.
MANUFACTURERS & SUPPLIERS
XCMG going green – sales up, commits to sustainable development
Chinese manufacturer XMCG has reported a 235% increase in sales revenue during the first 10 months of 2021 compared to the same period a year ago for its customized hoisting machines.
The company also recently affirmed its commitment to sustainability. The "XCMG Hoisting Machinery Carbon Peak and Carbon Neutrality Declaration" is a pledge to "actively pursue the green development vision and shoulder the responsibility of building an ecological civilization, taking the lead in the industry to complete the goals of reaching carbon peak and achieving carbon neutrality, and leading the high-quality, green, low-carbon and sustainable development of the industry".
The pledge outlines six goals:
- Promote clean and low-carbon energy
- Build a green and intelligent manufacturing enterprise
- Accelerate the application of low-carbon, energy-saving technologies and new energy products
- Support China's clean energy construction
- Promote the application of remanufactured products
- Foster a sense of carbon reduction