Ashtead Group, a London-listed company, has released a photo of Sunbelt Rentals equipment being hired out for construction and other projects. The company is currently facing a downbeat outlook due to various factors, including a quieter hurricane season and fewer naturally occurring events such as wildfires. Ashtead operates in the U.S., UK, and Canada and rents out equipment from diggers to construction tools.
The Hollywood actors’ and writer’s strikes had an impact on Ashtead’s film and television business in Canada, which affected the rest of the Canadian, U.S., and UK businesses that rent into that space. Despite this setback, the company 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. Ashtead has also lowered its annual group and U.S. rental revenue growth forecast and said net interest costs would amount to about $540 million for the year.
