Ashtead 4Q Pretax Profit Rose on Increased Rental Revenue

By Anthony O. Goriainoff

Ashtead Group said Tuesday that pretax profit for the fourth quarter of fiscal 2023 rose on increased rental revenue, and that the board looked to the future with confidence.

The London-listed equipment-rental group said pretax profit for the quarter ended April 30 was $465.6 million compared with $385.7 million for the fourth quarter of fiscal 2022.

Pretax profit for the year was $2.16 billion compared with $1.67 billion for fiscal 2022, and consensus of $2.14 billion, taken from FactSet and based on five analysts' estimates.

Fourth quarter revenue was $2.44 billion compared with $2.08 billion in the year-prior period.

Full-year revenue came in at $9.67 billion up from $7.96 billion the year before. Full year revenue consensus was $9.63 billion, taken from FactSet and based on 16 analysts' forecasts.

Rental revenue for the quarter was $2.13 billion compared with $1.87 billion in the year prior. For the year Ashtead reported rental revenue of $8.7 billion compared with $7.24 billion the year before.

The board has declared a final dividend of 85.0 cents a share, taking the total for the year to 100.0 cents a share, up from 80.0 cents a share the year before.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

June 13, 2023 02:36 ET (06:36 GMT)

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