Ashtead cuts guidance after US writers' strike, mild hurricane season

(Sharecast News) - Industrial equipment company Ashtead on Monday lowered full year revenue and profit forecasts after a quieter hurricane season and the writers' and actors' strike in the US. It now expects both group and US rental revenue growth in the range of 11% to 13%, down from previous guidance of 13% to 16% for both, which will result in core profit being 2- 3% below current market expectations.

Ashtead added that it also now expected a full-year depreciation charge of around $2.1bn a net interest cost of $540m which will result in adjusted profit before tax being below current market expectations.

Reporting by Frank Prenesti for Sharecast.com