Shares of Ritchie Bros. Tumble 9% After Disappointing 3rd-Quarter Earnings
Shares of Ritchie Bros Auctioneers, Inc. (NYSE: RBA), the world's largest seller of used heavy equipment via its location and online auctions, are tumbling 9% as of 3:20 p.m. EST after the company fell short of analysts' third-quarter profit estimates.
Ritchie Bros. revenue checked in at $141 million during the third quarter, a 9% increase over the prior year, topping analysts' estimates calling for $139.4 million. However, the 9% increase was largely driven by acquisitions, and on a like-for-like basis revenue was down 8.3%. Unfortunately, the top-line increase didn't filter down to the bottom line, as the heavy equipment auctioneer's adjusted profit of $0.09 per share fell short of analysts' estimates calling for $0.14 per share.
Said Ravi Saligram, CEO of Ritchie Bros., in a press release:
Source: Fool.com
Ritchie Bros Auctioneers Stock
We see a rather positive sentiment for Ritchie Bros Auctioneers with 7 Buy predictions and 2 Sell predictions.
As a result the target price of 68 € shows a positive potential of 32.04% compared to the current price of 51.5 € for Ritchie Bros Auctioneers.
