Earnings Beat Sends Shares of Ritchie Bros. Auctioneers Nearly 9% Higher
Shares of Ritchie Bros. Auctioneers (NYSE: RBA), a global auction company offering solutions for buying and selling used heavy equipment, trucks, and other massive industrial assets, are rising 9% Tuesday as of 2 p.m. EDT after the company announced better-than-expected second-quarter results.
In RBA's top line, revenue increased 5% to $166.2 million, topping analysts' consensus estimates calling for $163.4 million. RBA noted that the year-over-year increase was primarily due to the acquisition of IronPlanet Holdings, an online marketplace for used heavy equipment. However, RBA reached record second-quarter revenue rate of 13.22% during the three-month stretch. Revenue rate is calculated as revenues divided by gross auction proceeds, so RBA is generating more revenue from each piece of equipment sold at its auctions, a very positive development.
Image source: Ritchie Bros. Auctioneers.
Source: Fool.com
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