H&E posts 13 percent 3Q earnings drop

Net income fell to $17.6 million, or 50 cents per share, from $20.2 million, or 53 cents per share, in the year-ago quarter. Revenue grew 3 percent to $278.6 million from $270.6 million.

Analysts polled by Thomson Reuters had forecast quarterly earnings of 43 cents per share on revenue of $278.6 million.

The company said revenue growth was helped by its work in petrochemical, oil patch, mining and other areas of the energy sector. The third-quarter results also included the impact of the acquisition of equipment distributor J.W. Burress Inc. in September 2007.

H&E also lowered its 2008 revenue forecast and narrowed its earnings per share range.

The company cut revenue guidance to a range of $1.08 billion to $1.09 billion, down from an earlier forecast of $1.09 billion to $1.11 billion. Earnings per share guidance is now $1.60 per share to $1.68 per share, narrowed from the previous $1.57 per share to $1.71 per share.

Analysts forecast $1.54 per share on revenue of $1.09 billion.

Shares of H&E lost 2 cents to close at $5.90. The company's stock price has ranged from $4.65 to $20.12 in the past 52 weeks.