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Ashtead upgrades revenue on improved outlook in US; Q3 profit slips
StockMarketWire.com
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Equipment rental company Ashtead upgraded its full-year outlook as it forecast improving rental revenue following a fall in third-quarter profit on lower utilisation of its fleet in the US and Canada owing to the pandemic impact.
The company said it now expected full year results ahead of its previous expectations, as it narrowed its guidance on rental revenue decline to a 4% decline for 2021 from a prior range for a 3%-to-7% decline.
For the US, the company narrowed its rental revenue decline to 4% for 2021, from a 4% to 7% decline previously estimated.
For the three months ended 31 January, pre-tax profit fell 4% to £210 million year-on-year as revenue fell 1% to £1.21 billion.
Dollar utilisation was 48% in the US, down from 53%, 49% for the UK, up from 46% and 43% for Canada, down from 48%.
'US and Canadian dollar utilisation reflects the impact of the COVID-19 pandemic,' the company said.
At 8:06am: (LON:AHT) Ashtead Group PLC share price was 0p at 3195p
Story provided by StockMarketWire.com
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