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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. 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.
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Ritchie Bros conducted its largest-ever auction, selling over US$99 million of pipeline construction equipment for Barrilleaux on August 10-11. Over 6,900 bidders from 56 countries participated, with approximately 95% of sales to U.S. buyers. The auction featured more than 3,100 items from New Mexico and Texas. Notable sales included a Vermeer T1155III trencher for US$800,000 and a Caterpillar D8T tractor for US$620,000. Ritchie Bros continues with upcoming auctions in Houston and Orlando.
Ritchie Bros held a successful online auction from August 4-5, 2021, generating US$40 million in gross transaction value by selling over 3,900 items. More than 9,900 bidders from 62 countries participated, with approximately 91% of assets sold to U.S. buyers. The auction featured high-value items, including a 2001 Manitowoc crane sold for US$475,000. Upcoming auctions include events in Houston, Orlando, and Southeast Regional in September.
Ritchie Bros has announced its acquisition of Euro Auctions for an enterprise value of £775 million (approx. US$1.08 billion). Founded in 1998, Euro Auctions specializes in unreserved heavy equipment auctions globally, with significant operations in Europe and the Middle East. This strategic acquisition aims to enhance Ritchie Bros' market position and expand its service offerings, including inventory management and data solutions. The deal, backed by Goldman Sachs, is expected to close by early 2022, pending regulatory approvals, and will strengthen Ritchie Bros' EBITDA with anticipated synergies of approximately 15.3x.
Ritchie Bros. Auctioneers reported a 15% increase in net income to $60.7 million for Q2 2021, with diluted earnings per share rising to $0.55. Total revenue grew 2% to $396.4 million, driven by an 8% rise in service revenue despite a 7% decline in inventory sales revenue. Operating income slightly increased to $89.5 million, while SG&A expenses rose by 11% to $111.8 million. The company declared a quarterly dividend of $0.25 per share, marking a 14% increase. The performance benefited from strategic digital initiatives and improved GTV, although some inventory sales challenges were noted due to market conditions.
Ritchie Bros. held a successful auction in Fort Worth, Texas, on July 20-21, 2021, generating over US$50 million in sales for more than 3,750 items. The online auction attracted over 11,250 registered bidders, with 90% of sales going to U.S. buyers, including 40% to Texans. Notable sales included a 2014 Kobelco CK1100G crawler crane sold for US$365,000. The company plans additional auctions in Houston next month and Fort Worth in September, responding to increased demand for online buying.
Ritchie Bros. is set to host an Inside Edge industry panel on July 27, 2021, at 12 p.m. Pacific to discuss key factors in the transportation market, including OEM production delays, driver shortages, and rising truck prices, which have surged by 30% year-over-year. Featured panelists include industry experts such as Steve Tam from ACT Research and Stacey Jenkins from the Toronto Transportation Association. To participate, register via rbauction.com.
Ritchie Bros. reports a robust seller's market in its July 2021 Market Trends report, revealing truck tractor prices in the U.S. have surged by 30% year-over-year. In Canada, medium earthmoving and vocational truck prices increased by 25%. The report highlights strong demand for tandem-axle truck tractors, particularly 6-year-old models in the U.S. and 4-year-old models in Canada. The median price for popular Freightliner Cascadia models rose more than 45% in the first half of 2021 compared to 2020.
Ritchie Bros (NYSE: RBA) announced its Second Quarter 2021 earnings conference call scheduled for August 6, 2021, at 11:00 a.m. Eastern. The earnings results will be released on August 5, 2021, after the markets close. Analysts and institutional investors can join the call via designated dial-in numbers. A live webcast will be available, along with presentation slides. A replay of the call will be accessible until September 6, 2021. Established in 1958, Ritchie Bros operates in various sectors, providing end-to-end solutions for buying and selling heavy equipment.