Ritchie Bros. Reports 9% Increase in Net Income in Q3/19



Ritchie Bros. Auctioneers reported $25.3 million in net income attributable to stockholders for the third quarter of 2019, an increase of 9%.

Diluted earnings per share attributable to stockholders increased 10% to $0.23 from $0.21 per share, while diluted adjusted EPS attributed to stockholders (non-GAAP measure) increased 28% to $0.23 from $0.18 per share compared to the same period in 2018.

The consolidated results from Q3/2019 also included:

  • Total revenue in Q3 2019 increased 18% to $289.8 million as compared to Q3 2018
  • Service revenue in Q3 2019 increased 11% to $178.6 million as compared to Q3 2018
  • Inventory sales revenue in Q3 2019 increased 32% to $111.2 million as compared to Q3 2018
  • Total selling, general and administrative expenses (SG&A) in Q3 2019 increased 6% to $93.7 million as compared to Q3 2018
  • Operating income in Q3 2019 increased 29% to $40.2 million as compared to Q3 2018
  • Cash provided by operating activities was $309.1 million for the first nine months of 2019
  • GTV1 in Q3 2019 increased 4% to $1.1 billion and increased 5% when excluding the impact of foreign exchange as compared to Q3 2018
  • A&M total revenue in Q3 2019 increased 20% to $261.3 million as compared to Q3 2018
  • Service revenue in Q3 2019 increased 12% to $150.1 million as compared to Q3 2018
  • Inventory sales revenue in Q3 2019 increased 32% to $111.2 million as compared to Q3 2018
  • Other services total revenue in Q3 2019 increased 6% to $28.5 million as compared to Q3 2018
  • Ritchie Bros. Financial Services (RBFS) revenue in Q3 2019 increased 29% to $6.2 million as compared to Q3 2018

“Our positive earnings growth in the quarter was driven by solid GTV performance in our US region and global online GTV growth of 37%, highlighting the continued momentum and strength of our multichannel business model. Furthermore, we are pleased with our strong balance sheet and significant growth in our operating cash flow through the third quarter,” said Sharon Driscoll, interim co-CEO and chief financial officer.

Karl Werner, interim co-CEO and president of International, said, “We are encouraged by improvement in the overall equipment supply, with our sales teams doing a good job of securing volume to help offset some pockets of price deflation in the quarter. We remain focused on continued execution of our strategy and delivering exceptional service for our customers.”


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