Ashtead Group PLC (AHT.L), an equipment rental company, Tuesday reported profit before taxation or $652.6 million for the second quarter, lower than $665.9 million in the same quarter a year ago.
Excluding one-time items, adjusted profit before tax decreased 2 percent to $681.8 million from $696.9 million last year.
Net profit declined to $486 million or 111 cents per share from $494 million or 112.5 cents per share a year ago. Adjusted profit was $508 million or 116 cents per share, down from $517.2 million or 117.8 cents per share last year.
Revenue for the quarter, however, grew 2 percent to $2.941 billion from $2.877 billion in the previous year.
Additionally, Ashtead announced its decision to buy back shares of up to $1.5 billion over the next 18 months.
The Board has increased the interim dividend to 36 cents per share from 15.75 cents per share, to be paid on February 7 to shareholders on the register on January 10.
Looking ahead, the company has lowered its full-year rental revenue growth outlook to 3 percent - 5 percent from 5 percent - 8 percent guided earlier. Consequently, Ashtead now expects full-year profit to be lower than its previous outlook.
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