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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Ashtead Group plc    AHT   GB0000536739

ASHTEAD GROUP PLC

(AHT)
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Ashtead : quarterly profit rises, bolstered by strong U.S. rental demand

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09/10/2019 | 02:45am EST

(Reuters) - Equipment rental giant Ashtead Plc reported higher first-quarter profit on Tuesday, as its U.S. Sunbelt business benefited from higher rental demand for industrial gear.

The FTSE 100 company, which rents out diggers, construction tools and other equipment, said underlying pretax profit rose 9% to 319 million pounds in the three months ended July 31, compared to analysts' expectations of 317 million pounds.

Rental revenue rose 16% to 1.16 billion pounds, on a constant currency basis.

Ashtead gets around 90% of its sales and profit from the United States, through its Sunbelt unit, with the rest largely coming from the company's A-Plant business in Britain.

The company's results follows a bumper 2018-19, with Ashtead seeing an uptick in construction companies choosing to rent equipment instead of buying, and as U.S. construction activity boomed.

Ashtead said it spent 125 million pounds under its share buyback programme in the quarter, and expects to spend a minimum of 500 million pounds on share buybacks this year.

"We expect business performance in line with our expectations and the board continues to look to the medium term with confidence," the company said in a statement.

However, U.S. construction spending recently fell and analysts warn that it could hit usage of Ashtead's equipment and potentially hurt prices and margins.

U.S. manufacturing activity contracted for the first time in three years in August, with new orders and hiring declining sharply as trade tensions with China weighed on business confidence, raising financial market fears of a recession.

(Reporting by Justin George Varghese in Bengaluru; editing by Arun Koyyur, Bernard Orr)

Stocks mentioned in the article
ChangeLast1st jan.
ASHTEAD GROUP PLC 0.47% 2329 Delayed Quote.42.27%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
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Financials (GBP)
Sales 2020 5 212 M
EBIT 2020 1 453 M
Net income 2020 905 M
Debt 2020 4 238 M
Yield 2020 1,89%
P/E ratio 2020 12,0x
P/E ratio 2021 10,9x
EV / Sales2020 2,84x
EV / Sales2021 2,53x
Capitalization 10 565 M
Chart ASHTEAD GROUP PLC
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Technical analysis trends ASHTEAD GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 2 593,49  GBp
Last Close Price 2 329,00  GBp
Spread / Highest target 37,4%
Spread / Average Target 11,4%
Spread / Lowest Target -7,69%
EPS Revisions
Managers
NameTitle
Brendan Horgan Chief Executive Officer, COO & Executive Director
Paul Ashton Walker Non-Executive Chairman
Michael Pratt Finance Director, Treasurer & Executive Director
Lucinda Jane Riches Independent Non-Executive Director
Tanya D. Fratto Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ASHTEAD GROUP PLC42.27%13 778
AIR LEASE CORPORATION49.98%5 107
TRITON INTERNATIONAL LIMITED18.83%2 667
AIRCASTLE LIMITED86.37%2 398
UNIDAS - TODOS OS DIREITOS RESERVADOS39.51%1 844
MCGRATH RENTCORP43.22%1 789