Sunbelt Rentals posted $1.368 billion in total revenue for the first nine months of fiscal 2013 through Jan. 31, a 21-percent increase compared to $1.130 billion for the previous year’s first nine months. EBITDA for the nine-month period was $571.5 million, compared to $416.5 million for the previous nine-month period, a 37-percent hike, with EBITDA margin of 41.8 percent compared to 36.9 percent the previous year.
Rental revenue for the nine-month period was $1.213 billion, compared to $1.012 billion for the previous period, a 20-percent leap.
Group revenue for the Ashtead Group, including U.K. equipment rental company A-Plant, totaled £1014.3 (about U.S. $1.525 billion), compared with £846.8 million a year ago, a 19.8-percent increase. A-Plant EBITDA was £43.7 million (about U.S. $65.7 million), compared to £36.9 million a year ago, an 18.4-percent jump.
For the third quarter, Sunbelt Rentals posted £284.1 million (about U.S. $427.2 million) in total revenue, compared to £226.7 million in the year-ago third quarter, a 25.3-percent year-over-year leap.
“It is pleasing to report another quarter where strong revenue growth and ongoing operational efficiency have delivered record nine-month profits of £194 million,” said Ashtead chief executive Geoff Drabble. “With this strong momentum clearly established in the business, we now anticipate a full-year profit ahead of our earlier expectations. To further support ongoing market opportunities, we plan to pull forward around $100 million of fleet expenditure previously planned for fiscal 2014 into the fourth quarter of this year. This will have no impact on our stated intention to sustain leverage below two times.
“With a broad range of metrics already at record levels at this stage in the cycle, together with a strong balance sheet to support medium-term growth opportunities, the board looks forward with confidence.”
Sunbelt Rentals is the second-largest equipment rental company in North America. It is based in Fort Mill, S.C. Ashtead plc is headquartered in London.