*

US construction sector slowdown continues to weigh

*

Ashtead maintains full-year outlook

*

Shares fall 3.5% to lowest since November 2023

(Writes through with share price move, context, CEO comment,

rivals' performance)

March 4 (Reuters) - British equipment rental company

Ashtead missed third-quarter pre-tax profit and revenue

expectations on Tuesday, pressured by weakness in the U.S.

construction sector, which had led to a profit warning last

December.

Its shares fell 3.5% in early trading to their lowest since

November 2023, underperforming the FTSE 100 index which

was 0.4% lower.

Equipment rental companies like Ashtead have faced profit

margin pressures as a slow recovery in U.S. commercial

construction, high interest rates, and ongoing supply chain

issues, offset strength in mega projects.

Still, the company maintained its full-year outlook, citing

confidence in underlying demand and possible recovery from

stabilising interest rates.

The U.S. administration's push for American-made goods could

also boost demand for heavy-duty equipment as companies shore up

U.S. operations to avoid tariffs.

Ashtead operates under the Sunbelt Rentals brand to lease

construction, industrial, general and speciality equipment. It

is the second-largest equipment rental firm by market share in

the United States, which makes up most of the company's revenues

and profits.

"We are in a position of strength, with the operational

flexibility and financial capacity to take advantage of the

ongoing structural growth opportunities we see for the

business," CEO Brendan Horgan said in a statement.

"The Board looks to the future with confidence."

The company also plans to move its primary listing to the

United States and form a new U.S. parent company, for which it

will seek shareholder approval in June. Ashtead did not provide

an update on those plans on Tuesday.

Its revenue for the three-month period ended January 31 was

$2.57 billion, while adjusted pre-tax profit reached $443

million. This was below analysts' consensus of $2.64 billion and

$447 million, respectively, as compiled by the company.

Bigger rival United Rentals ( URI ) also missed in January

analysts' estimates for fourth-quarter profit, hit by

inflationary costs.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Sherry

Jacob-Phillips and Emelia Sithole-Matarise)