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Ashtead Group fiscal Q2 profit climbs 24.6% YOY

Ashtead Group plc said its normalized net income for the fiscal second quarter ended Oct. 31 amounted to 22 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 24 pence per share.

EPS increased 24.7% year over year from 18 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £110.3 million, a gain of 24.6% from £88.6 million in the year-earlier period.

The normalized profit margin climbed to 17.0% from 16.7% in the year-earlier period.

Total revenue grew 22.6% on an annual basis to £648.9 million from £529.4 million, and total operating expenses rose 21.7% on an annual basis to £452.4 million from £371.7 million.

Reported net income increased 28.8% from the prior-year period to £116.9 million, or 23 pence per share, from £90.8 million, or 18 pence per share.