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RB Global, Inc. (NYSE: RBA, TSX: RBA) is a globally renowned asset management and disposition company established in 1958 and headquartered in Westchester, Illinois. Specializing in the buying and selling of used heavy equipment, trucks, and other assets, RB Global offers comprehensive end-to-end solutions across various sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry.
RB Global operates through multiple selling channels:
- Ritchie Bros. Auctioneers: The world's largest industrial auctioneer providing live auction events with online bidding.
- IronPlanet: An online marketplace featuring weekly auctions and offering IronClad Assurance® equipment condition certification.
- Marketplace-E: An online marketplace providing multiple price and timing options.
- Mascus: A leading European online equipment listing service.
- Ritchie Bros. Private Treaty: Offering privately negotiated sales.
Additionally, RB Global caters to specific sectors through GovPlanet, TruckPlanet, and Kruse Energy Auctioneers.
The company has expanded its reach by merging with IAA, a major global digital marketplace connecting vehicle buyers and sellers. Through this collaboration, RB Global continues to enhance its omnichannel marketplace, providing value-added insights, services, and transaction solutions for commercial assets and vehicles. RB Global serves customers in more than 170 countries through auction sites in 14 countries and a robust digital platform.
RB Global is known for its massive auction events, including the record-setting 2024 global auction in Orlando with over 16,500 items and generating over $258 million in gross transaction value (GTV). Another notable event was the Edmonton auction, which set a new Canadian record with nearly CAD $250 million in GTV.
Recent achievements include strategic market alliances such as the one with Lion Trans in Georgia and Baltic Auto Shipping in Lithuania, aimed at increasing market share and improving global customer experience. RB Global's portfolio also includes Rouse Services, SmartEquip, Xcira, and VeriTread, which provide asset management, data-driven intelligence, and live auction technology solutions.
As part of its financial performance, RB Global consistently delivers solid growth, with a notable reduction in leverage and strong quarterly earnings. The company declared a quarterly cash dividend of $0.27 per common share, reflecting its commitment to shareholders.
RB Global's dedication to innovation, strategic growth, and operational excellence makes it a significant player in the global marketplace for commercial assets and vehicles.
Ritchie Bros. achieved impressive auction results in Orlando, selling over 11,200 items for US$213 million from February 21-26, 2022. This record-breaking event saw 26,200 bidders from 86 countries, marking a 45% increase in equipment views per lot from last year. The auction featured a wide selection of equipment including excavators and trucks, benefiting from strong buyer demand amid a tight supply environment. Executives emphasized the integration of online and onsite experiences, contributing to enhanced pricing and customer satisfaction.
Ritchie Bros reported strong sales during February auctions, with over US$114 million in equipment and trucks sold from Phoenix and Houston. The Phoenix auction alone generated US$59 million, breaking site records for gross transaction value (GTV) and auction registrations. Over 10,000 customers participated, with 96% of sold items going to U.S. buyers. The Houston auction generated US$55 million, attracting 15,800 bidders from 62 countries. Ritchie Bros anticipates a successful February with a global equipment auction scheduled from February 21-26 in Orlando.
Ritchie Bros' February Market Trends Report reveals significant price increases in the U.S. truck sector, with truck tractor prices soaring by 65% year-over-year and vocational trucks up 44%. Despite this growth, the company notes a 37% decline in truck tractor sales volumes from 2020, attributed to ongoing supply chain issues like port congestion and workforce shortages. The report emphasizes a strong seller's market, with record bidder participation and steadily rising auction values since January 2019: 77% for used truck tractors and 27% for vocational trucks.
Ritchie Bros. Auctioneers reported a 37% drop in net income to $30.6 million for Q4 2021, with diluted EPS down 39% to $0.27. Despite significant challenges, service revenue rose 6%, driven by a 61% increase in Ritchie Bros. Financial Services. Total revenue decreased 6% to $359.4 million, influenced by a 24% drop in inventory sales. However, the Inventory Management System activations surged 89%, indicating strong market interest. Non-GAAP adjusted EPS fell 7% to $0.50. The company declared a quarterly dividend of $0.25 per share.
Ritchie Bros. Auctioneers (NYSE: RBA) announces the nominations of Carol Stephenson and Mahesh Shah to its Board of Directors, effective at the Annual and Special Meeting on April 27, 2022. Both nominees possess extensive experience in their respective fields, enhancing the board's capabilities to achieve the company's strategic vision. Carol Stephenson has served on multiple public company boards, while Mahesh Shah brings expertise in technology and innovation as EVP at CDK Global. The company also reports the retirement of Bev Briscoe, who has been on the board since 2004.
Ritchie Bros. will host its premier global auction event in Orlando, Florida, from February 21 to 26, 2022, featuring over 10,000 items from more than 800 companies. The auction includes a diverse range of equipment such as excavators, truck tractors, and forklifts, all sold to the highest bidder. The company is adopting a new bidding format with live online and in-person options, ensuring safety measures are in place. This auction marks a significant event for both buyers and sellers in the heavy equipment market.
Ritchie Bros held its largest agricultural auction ever in Torquay, SK, on January 24-25, 2022, selling over CA$33 million worth of farmland, real estate, and equipment. The auction included 59 parcels totaling over 9,600 acres, featuring record prices. Bidders from 30 countries participated, with 97% of sales going to Canadians. Farmland averaged $416,000 per quarter, a record high. The auction showcased equipment like a 2018 Seedmaster drill selling for CA$440,000. Upcoming auctions will continue to highlight agricultural assets.
Ritchie Bros will host an Inside Edge online discussion panel on February 4, 2022, at 9 a.m. Pacific to analyze equipment industry trends from 2021 and forecasts for 2022. The panel features industry experts discussing topics such as supply chain disruptions, compact equipment trends, and pricing. This free event is open to everyone via Microsoft Teams and aims to connect customers with industry insights. Registration is available at this link.
Ritchie Bros (NYSE: RBA) will host a fourth quarter 2021 earnings conference call on February 18, 2022, at 11:00 a.m. ET. The call will cover the company's earnings results, which will be released on February 17, 2022, after market close. Interested parties can participate via dial-in or listen via webcast. The presentation slides will be available during the call. The earnings call replay will be accessible until March 18, 2022.
For more details, visit Ritchie Bros Investor Relations.
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