Welcome to our dedicated page for RB Global news (Ticker: RBA), a resource for investors and traders seeking the latest updates and insights on RB Global stock.
RB Global, Inc. reports developments tied to its omnichannel marketplace for commercial assets and vehicles, including auctions, digital transactions, value-added services and operating results. The company connects buyers and sellers through a global network of auction sites and platforms serving asset classes such as automotive, construction, commercial transportation, government surplus, lifting and material handling, energy, mining and agriculture.
Recurring news for RBA includes Ritchie Bros. auction activity, IAA-related vehicle marketplace updates, gross transaction value and revenue commentary, shareholder meeting results, board and governance matters, dividends and share repurchase actions. Company updates also reference marketplace solutions such as Ritchie Bros., IAA, Rouse Services, SmartEquip and VeriTread.
Ritchie Bros. Auctioneers (RBA) reported Q2 2022 results with total revenue increasing by 22% to $484.5 million. The company achieved a 10% growth in Gross Transaction Value (GTV) amidst a tight supply environment. Profitability saw a decline, with net income down 12% to $53.4 million, and diluted EPS falling 13% to $0.48. However, non-GAAP diluted adjusted EPS rose by 10% to $0.74. Service revenue grew 13% driven by financial services, up 69%. The company declared a quarterly dividend of $0.27, payable September 14, 2022.
Ritchie Bros. held a successful auction in Fort Worth, TX from July 19-21, 2022, attracting over 11,500 bidders from 58 countries. The event saw more than 4,200 items sold, generating over US$59 million in gross transaction value. Approximately 90% of the items were purchased by U.S. buyers, with 42% from Texas. The auction featured key sales including a Vermeer directional drill for US$430,000 and a Grove crane for US$320,000. The next auction will include Ritchie Bros. Energy Day, showcasing oil and gas assets.
Ritchie Bros released its July Market Trends Report, showcasing significant price increases in used construction equipment across the U.S. and Canada. Year-over-year, large earthmoving prices rose by 15% and 20%, while aerial equipment jumped by 18%. Truck tractors experienced even greater inflation, soaring 39% in the U.S. However, sales volumes for used equipment remain below last year's levels, with auction values stabilizing after a prolonged increase. The report is available for free at rbassetsolutions.com/market-trends-report.
Ritchie Bros (NYSE: RBA) has scheduled its second quarter 2022 earnings conference call for August 5, 2022, at 11:00 a.m. Eastern time. The company will release its earnings results on August 4, after market close. Analysts and institutional investors can join the call using provided dial-in information, while media can listen via a live webcast. Presentation slides will accompany the call and be available for download. A replay will be accessible from 2:00 p.m. Eastern time until September 5, 2022.
Ritchie Bros conducted two major online auctions in June 2022, selling over 34,000 equipment items for a total of US$114 million. The Houston auction from June 21-23 attracted more than 10,600 bidders and sold 5,900+ items with significant sales including a 2013 crane for US$305,000. The Edmonton auction from June 22-24 drew over 12,300 bidders and sold 7,000+ items for CA$65+ million (about US$51 million). The events highlighted strong demand and pricing for late-model equipment, with positive feedback from consignors on their sales experience.
Ritchie Bros' June Market Trends Report highlights a year-over-year increase in truck tractor prices, up 46% in the U.S. and 34% in Canada. However, both countries have seen a decline in the rate of price increases by 6 and 9 percentage points, respectively. This is attributed to declining spot rates and rising diesel prices, with van and reefer rates dropping between 13-14% over the past six months. Additionally, the median price for Freightliner Cascadia trucks in the U.S. decreased by 7% from earlier this year, despite a price increase for similar units in Canada.
Ritchie Bros. Energy, based in Fort Worth, Texas, is enhancing transaction solutions for the oil and gas industry. Transitioning from the Kruse Energy brand, the company aims to provide more auction options and services for sellers and buyers. The first Ritchie Bros. Energy event is set for September, coinciding with their Fort Worth auction, expected to attract over 12,000 bidders. Recent trends show a 20-30% price increase in drill pipes, reflecting growing demand for drilling rigs, indicating a robust market environment.
Ritchie Bros. Auctioneers (NYSE: RBA, TSX: RBA) has announced the appointment of Eric Jacobs as its new Chief Financial Officer effective June 6, 2022. He succeeds Sharon Driscoll, who will remain in an advisory role until her retirement. Jacobs brings extensive experience in digital marketplaces, having served as CFO for Wheels Up Experience Inc. and held senior roles at Cox Automotive and Dealertrack Technologies. Ritchie Bros. continues to focus on becoming a leading global marketplace for asset management and transaction solutions.
Ritchie Bros. recently held two record-breaking regional auctions, the Rocky Mountain Event and the B.C. Regional Event, netting over US$92 million in total sales. The Rocky Mountain auction sold US$65+ million worth of equipment with more than 11,000 bidders, while the B.C. event achieved CA$35+ million (US$27+ million) in sales with 6,500+ bidders. Both events set new records for gross transaction values in their respective regions, highlighting a strong demand for high-quality, low-hour construction equipment.
Zayo Group Holdings has appointed Lisa Hook to its board of directors. Hook, a former President and CEO of Neustar, brings extensive experience in cloud infrastructure, telecommunications, and digital marketing. During her eight years at Neustar, she held key leadership positions, including on its board since 2010. Currently, she serves on the boards of Fidelity National Information Services (FIS), Philip Morris International (PM), and Ritchie Brothers Holdings (RBA). Hook aims to enhance Zayo's growth in the rapidly evolving communication infrastructure landscape.