Ashtead sees full-year results above expectations

(Reuters) - Equipment rental company Ashtead Group Plc reported a 63 percent increase in pre-tax profit for the first quarter, prompting it to raise its earnings expectations for the full year. The British company, which hires out diggers and tools on short-term contracts, said it anticipates full-year results ahead of its expectations. Pre-tax profit for the three months ended July 31 rose to 99.5 million pounds from 61.1 million pounds a year earlier. Revenue rose 26 percent to 410.5 million pounds. Revenue from its core Sunbelt business rose 25 percent to 343.9 million pounds. Ashtead operates as Sunbelt Rentals in the United States. "Whilst key risks remain U.S. macro, pricing pressure and foreign exchange, we believe Ashtead can continue to gain market share from peers," Jefferies analyst Justin Jordan said in a note, raising his price target on the stock to 850 pence from 835 pence. (Reporting by Karen Rebelo in Bangalore; Editing by Supriya Kurane)