March 10, 2024
Sunbelt Rentals
, Fort Mill, S.C., reported total revenue of $2.28 billion during the fiscal third quarter, a 10 percent increase compared to $2.07 billion for the same period last year. Total revenue during the first nine months of the year was $7.07 billion, a 15 percent increase compared to $6.14 billion the year before.
In the UK, Sunbelt Rentals reported total revenue of $208 million during the fiscal third quarter, up 8 percent compared to $193 million the year before. Total revenue for the first nine months was $657.8 million compared to $623.4 million the year before.
In Canada, Sunbelt Rentals’ total revenue was $170 million during the fiscal third quarter, up 4 percent compared to $164 million the year before. Total revenue for the first nine months was $501.3 million compared to $460.9 million the year before.
Ashtead Group — the parent company of Sunbelt Rentals — reported revenue for the fiscal third quarter of $2.66 billion, up 9 percent compared to $2.43 billion the year before. During the first nine months of the fiscal year, revenue was $8.23 billion, up 14 percent compared to $7.22 billion the year before.
“The group’s operating performance continues to be strong with revenue up 14 percent and rental revenue growth of 11 percent both at constant currency. This performance is only possible through the dedication of our team members who deliver for all our stakeholders every day, while ensuring our leading value of safety remains at the forefront of all we do,” said Brendan Horgan, Ashtead CEO.
“We are executing well against all actionable components of our strategic growth plan, in end markets which remain robust. In the period, we invested $3.5 billion in capital across existing locations and greenfields and $906 million on 26 bolt-on acquisitions, adding a combined 106 locations in North America. This investment is enabling us to take advantage of the substantial structural growth opportunities that we see for the business as we deliver our strategic priorities to grow our general tool and specialty businesses and advance our clusters. We are achieving all this while maintaining a strong and flexible balance sheet.
“We look forward to launching our next strategic growth plan, Sunbelt 4.0, during our capital markets event in late April, which will detail our runway for further success. The board looks to the future with confidence.”
