(Adds Q3 revenue, CEO comment, background)
March 7 (Reuters) - Ashtead Group Plc forecast
annual results ahead of its estimates and raised capital spend
outlook for the next year, as the British equipment rental giant
bets on the "increasing number of mega projects and recent U.S.
legislative acts".
The London-listed company said on Tuesday its initial plans
for 2023/24 are for gross capital expenditure of $4 billion to
$4.4 billion, of which the U.S. rental capital spend is $3
billion to $3.3 billion.
"Our business is performing well with clear momentum in
strong-end markets, which are enhanced by the increasing number
of mega projects and recent U.S. legislative acts," Chief
Executive Officer Brendan Horgan said.
The U.S. Inflation Reduction Act, which boosts investment in
renewable energy products, is set to attract capital into the
country from abroad.
Horgan did not specify which U.S. legislations were set to
benefit Ashtead.
Ashtead's third quarter revenue rose 23% to $2.43 billion,
boosted by strong demand across all its markets.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry
Jacob-Phillips and Rashmi Aich)
