Ashtead Group shares rise on strong Q1 results [Yahoo! Finance]
ASHTED GRP PLC UNSP/ADR (ASHTY)
NASDAQ:AMEX Investor Relations:
ashtead-group.com/investorcentre/default.aspx
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Source: Yahoo! Finance
At 6:05 am (1005 GMT), Ashtead Group was trading 2.2% higher at £5,480. The company reported a 7% year-over-year increase in rental-only revenue in the US was driven by improvements in both rental rates and volume. The General Tool segment contributed a modest 3% increase in revenue and the Specialty segment showed a 17% growth in the first quarter. “EPS ~1.5% shy of consensus, despite group EBITA essentially in line with consensus,” said analysts at RBC Capital Markets in a note. A higher depreciation charge at the group level was seen, due to the larger fleet size and increased costs associated with fleet life cycle inflation. Additionally, while gains on disposals were approximately $45 million lower than the previous year, the drop-through to EBITDA, excluding these gains, was strong, with a 69% surge. In geographical terms, Canada saw a rebound in rental revenues following the end of the writers' and actors' strike, although the drop-through to EBITDA was slightly le
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