RB Global Ord Shs Stock Price, News & Analysis

Ritchie Bros. held its Great Lakes Regional Event from Sep. 28-29, attracting over 10,000 bidders and generating a gross transaction value of more than USD 43 million from 3,600+ sold items. Approximately 88% of sales were to U.S. buyers, with significant demand noted for transportation equipment. The auction saw a 23% increase in bidder registrations compared to the previous event in June. Key sales included a 2011 Grove crane for USD 505,000 and a 2017 John Deere excavator for USD 270,000. Upcoming auctions include the Rocky Mountain Regional Event on Oct. 6-7.

Ritchie Bros (NYSE: RBA) announces the acquisition of SmartEquip for approximately US$175 million, enhancing its customer service lifecycle management. This strategic move aims to provide integrated parts procurement and improve service support for fleet assets. SmartEquip, with a transaction volume of about $1 billion annually, will continue to operate independently. The partnership is expected to deepen inventory management system connectivity and streamline digital solutions for Ritchie Bros. This transaction is subject to customary closing conditions, including antitrust approvals.

Ritchie Bros. held a successful auction in Fort Worth, Texas on September 24, 2021, attracting over 12,600 online bidders from 64 countries. The auction generated a gross transaction value of more than US$57 million, indicating strong market demand with a 17% increase in bidders from the previous year. Approximately 92% of the items were sold to U.S. buyers. Key sales included a John Deere cable plow fetching US$485,000. The company is set to host additional auctions, including its final Fort Worth event in December.

Ritchie Bros. will host an Inside Edge panel on September 30, 2021, at 12 p.m. Pacific to discuss current trends in the construction industry. Key topics include OEM production delays, auction volumes, labor shortages, and climate change. Prices for U.S. medium earthmoving equipment have surged by 38% year-over-year. Notable guests include Bob Lanham from the Associated General Contractors of America and Ron Glen from the Alberta Roadbuilders and Heavy Construction Association. The event is open to the public and will take place as a Microsoft Teams Live Event.

Ritchie Bros. Auctioneers has successfully amended and extended its credit agreement, totaling US$1.045 billion, with a group of 12 banks. The new terms include a US$750 million revolving credit facility and a US$295 million delayed-draw term loan. This extension increases financial flexibility, shifting the maturity date to September 21, 2026. The funds may support operational cash flow needs and the acquisition of Euro Auctions Limited, among others. The company's CFO, Sharon Driscoll, expressed confidence in utilizing this arrangement for future growth and de-leveraging the balance sheet.

Ritchie Bros. has achieved remarkable success with its Marketplace-E, selling over 34,000 items for more than US$1.2 billion in three years. In the past year alone, over US$500 million of equipment was sold. The platform has increased sales speed by approximately 40%, thanks to a dedicated team utilizing real-time demand data. Major customers like Sunbelt Rentals have benefited from enhanced asset management and disposal strategies through the service.

Ritchie Bros. conducted its fourth Edmonton auction from September 8-10, 2021, featuring over 8,100 equipment items and trucks. The auction attracted 15,200+ bidders and generated a gross transaction value exceeding CA$59 million (US$46 million). Approximately 91% of the items sold were to Canadian buyers, with strong demand noted due to a prolonged construction season in Alberta. Key sales included a Komatsu HM400-5 dump truck, which sold for CA$362,500. Ritchie Bros. plans more significant auctions later in September and continues to support global equipment sales.

Ritchie Bros. announces the promotion of Jim Kessler to President, alongside his role as Chief Operating Officer, effective immediately. CEO Ann Fandozzi believes Kessler's extensive experience in leadership roles will enhance the company's integrated view of operations, services, and revenue, aiming for improved growth strategies. Kessler, who has over 20 years in the industry, will focus on integrating strategic initiatives and enhancing customer journeys. This change is part of Ritchie Bros.' efforts to strengthen its marketplace for commercial assets and drive profitability.