• Mon. Dec 11th, 2023

UK-based Ashtead Reports Lower Profits Amid $2 Billion Charge and Sluggish US Operations


Nov 20, 2023

The London-listed company, Ashtead Group, has recently released a handout photo showcasing an example of the Sunbelt Rentals equipment that they hire out. In their latest statement, the company cited a number of reasons for their downbeat outlook, including a quieter hurricane season and fewer naturally occurring events such as wildfires.

Ashtead operates in various markets around the world and competes with United Rentals in the US. Their business involves renting out equipment to customers in construction, emergency response, and entertainment industries. In Canada, where Hollywood actors’ and writers’ strikes have affected their film and television business, Ashtead expects its annual profit to come in below market expectations due to lower emergency response activity and a more than $2 billion depreciation charge for the year.

The company has also lowered its annual group and U.S. rental revenue growth forecast and predicted that net interest costs would amount to about $540 million for the year. Despite these challenges, Ashtead remains committed to providing quality equipment rentals to its customers around the world.

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