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Earnings Calls: 
H&E Equipment Services Earnings Call, Second Quarter 2008
Author: Maclintosh Kuhlengisa
123jump.com
Last Update: 9:39 AM ET August 24 2008
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The equipment services company reported revenue increase of 21.2% to $282.6 million versus $233.1 million in 2007 driving income marginally up to $16.1 million, or 45 cents per diluted share, compared to $15.2 million, or 40 cents per diluted share in 2007. The outlook for the overall economy in the non-residential construction markets has progressively weakened. Due to these factors and a material change to the fleet plan, the firm revised its annual guidance downwards.

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Chris Daugherty (Oppenheimer & Company): What’s the ability to adjust your inventory as the market slows down?

John Engquist: We can adjust very quickly to that. Our inventories are a function of our new equipment sales. We have to carry a certain level of dirt inventory; we have to carry a certain level of crane inventory.
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