Ashtead Group 3Q Pretax Profit Rose on Higher Revenue
By Anthony O. Goriainoff
Ashtead Group PLC said Tuesday that pretax profit rose for the third quarter of fiscal 2022 as revenue increased, and that it expected results for the full year to be ahead of the board's previous expectations.
The London-listed equipment-rental group said that for the quarter ended Jan. 31 pretax profit was $392.6 million compared with a pretax profit of $283.8 million for the third quarter of fiscal 2021.
Revenue rose to $2 billion from $1.62 billion in the year-prior period.
Rental revenue in the period rose 25% to $1.82 billion.
In the nine months ended Jan. 31, the company made a pretax profit of $1.28 billion compared with $929.6 million the year before.
Nine-month revenue was $5.88 billion compared with $4.88 billion the previous year.
The company said it expected capital expenditure for the fiscal year to be ahead of its previous guidance of $2.5 billion, and that it expects capital expenditure for fiscal 2023 to be in the $3.2 billion to $3.4 billion range.
"Our business continues to perform strongly and is well positioned to manage and benefit from the unique market circumstances we face, including supply chain constraints, inflation and labor scarcity, which we believe to be drivers of ongoing structural change," the company said.
Write to Anthony O. Goriainoff at firstname.lastname@example.org
(END) Dow Jones Newswires
March 08, 2022 02:40 ET (07:40 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.