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Ashtead Group profit misses consensus by 16.9% in fiscal Q1

Ashtead Group plc said its normalized net income for the fiscal first quarter ended July 31 was 22 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 27 pence per share.

EPS increased 14.7% year over year from 19 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £111.2 million, an increase of 14.5% from £97.1 million in the prior-year period.

The normalized profit margin rose to 15.7% from 15.7% in the year-earlier period.

Total revenue climbed 14.3% on an annual basis to £707.1 million from £618.6 million, and total operating expenses grew 14.1% on an annual basis to £506.2 million from £443.7 million.

Reported net income rose 15.1% on an annual basis to £117.2 million, or 23 pence per share, from £101.8 million, or 20 pence per share.