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Ashtead Group profit misses consensus by 15.3% in fiscal Q3

Ashtead Group plc said its normalized net income for the fiscal third quarter ended Jan. 31 came to 21 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 25 pence per share.

EPS rose 28.7% year over year from 17 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £107.0 million, an increase of 28.2% from £83.4 million in the year-earlier period.

The normalized profit margin dropped to 13.3% from 13.6% in the year-earlier period.

Total revenue increased 31.4% on an annual basis to £804.5 million from £612.2 million, and total operating expenses grew 32.4% year over year to £605.3 million from £457.2 million.

Reported net income rose 26.5% year over year to £109.4 million, or 22 pence per share, from £86.5 million, or 17 pence per share.