Sunbelt reports strong profit increase

Ashtead, the United Kingdom-based parent company of Sunbelt Rentals, posted a 26 percent increase in fiscal first quarter profits.

The company reported underlying pretax profit for the three months ending July 31 of about $62.1 million, up 26.7 percent compared with about $49.4 million a year ago. Revenue rose 44 percent to $513.1 million, compared with $357 million in the same period last year.

Sunbelt Rentals’ first quarter revenues grew 66 percent from $234 million last year to $388.5 million this year.