Ritchie Bros. Auctioneers reported net income attributable to stockholders of $45.7 million in Q2/18, which was an improvement of 159% compared to the $17.6 million reported in Q2/17.

Ritchie Bros. also reported:

• Total revenues of $308.5 million increased 22% over Q2/17
• Total company agency proceeds of $206.8 million increased 24% from $166.2 million in Q2/17
• Cash provided by operating activities of $107.9 million for the six-month period ended June 30, 2018
• The repayment of $27.3 million of long-term debt in Q2/18 and $56.6 million for the six months ended June 30, 2018
• Increased quarterly cash dividend by 6% to $0.18 per share

In its Auctions & Marketplaces (A&M) segment, Ritchie Bros. reported:

• Gross Transaction Value (“GTV”) of $1.4 billion, which increased 14% from $1.3 billion in Q2/17
• Total revenues of $274.3 million, which increased 21% from $226.4 million in Q2/17
• A&M agency proceeds (non-GAAP measure) of $192.5 million increased 25% from $154.6 million in Q2/17
• A&M revenue rate and A&M agency proceeds rate (non-GAAP measure) each improved 120 basis points over Q2/17

“In the second quarter, we delivered strong double-digit revenue and agency proceeds growth on a combined company basis versus prior year through improved execution, positive price realization for our customers and increased A&M revenue rate. We had excellent performance in the U.S. where we delivered strong live auction comps and achieved record quarterly online performance. Also, our U.S. Strategic Accounts team drove strong growth through new customer acquisition. We also generated strong services revenue growth with RB Financial Services up 42% and Mascus up 43%, continuing their strong growth trajectory,” Ravi Saligram, CEO of Ritchie Bros., said. “We were pleased with our earnings growth and our strong operating cash flows in the quarter. This allowed us to pay down $27 million of long-term debt in the quarter and increase the dividend. As we enter the second half, we are encouraged to see our sales teams gaining traction on leveraging our multi-channel solutions and offering the appropriate channel that best meets individual customer needs.”