Ashtead Group (AHT.L), a British industrial equipment rental firm, reported Tuesday lower profit in its first quarter, while EBITDA increased with higher revenues. Looking ahead, the company said it has started the year well and expects full-year results will be in line with expectations.
For the first quarter, profit before tax was $544 million, down 7 percent from last year's $585 million. Earnings per share was down 10 percent to 92.4 cents from prior year's 102.3 cents.
Adjusted profit before taxation was $573 million, compared to prior year's $615 million. Adjusted earnings per share were 97.4 cents, compared to 107.5 cents a year ago.
EBITDA, however, grew 5 percent from last year to $1.29 billion.
Revenue was $2.75 billion, up 2 percent from $2.70 billion a year earlier. Rental revenue went up 7 percent to $2.54 billion from last year's $2.38 billion.
Ashtead's chief executive, Brendan Horgan, said, "We are in a position of strength, with the operational flexibility and financial capacity to capitalise on the structural growth opportunities we see for the business. We have started the year well and expect full-year results will be in line with our expectations. The Board looks to the future with confidence."
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