Ashtead Shares Spike As Full-Year Guidance Maintained In Q1 Update [Forbes]
ASHTED GRP PLC UNSP/ADR (ASHTY)
NASDAQ:AMEX Investor Relations:
ashtead-group.com/investorcentre/default.aspx
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Source: Forbes
At £55.42 per share, the Ashtead share price was last 3.4% higher in Tuesday business. Revenues rose 2% in the three months to July, to $2.8 billion, Ashtead said, as rental revenues leapt 7% to $2.5 billion. On the downside, operating profit slipped 2% year on year to $688 million. Adjusted pre-tax profit, meanwhile, reversed 7% to $573 million. Ashtead said that the bottom-line drop reflected "lower used equipment sales and a higher increase in depreciation and interest costs." In its core US market, rental revenues rose 6% during quarter one. Comparable sales shot 21% higher in Canada, and rose by a more modest 6% in the UK. Expansion Continues The Footsie company spent $55 million on two bolt-on acquisitions in the quarter as its expansion-based growth strategy rolled on. It also invested $855 million in existing stores and on greenfield locations. These actions added 33 locations to Ashtead's North America portfolio. Net debt rose to $10.8 billion as of July from $
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