RB Global, Inc. - RBA STOCK NEWS

Ritchie Bros has announced its acquisition of Euro Auctions for an enterprise value of £775 million (approx. US$1.08 billion). Founded in 1998, Euro Auctions specializes in unreserved heavy equipment auctions globally, with significant operations in Europe and the Middle East. This strategic acquisition aims to enhance Ritchie Bros' market position and expand its service offerings, including inventory management and data solutions. The deal, backed by Goldman Sachs, is expected to close by early 2022, pending regulatory approvals, and will strengthen Ritchie Bros' EBITDA with anticipated synergies of approximately 15.3x.

Ritchie Bros. Auctioneers reported a 15% increase in net income to $60.7 million for Q2 2021, with diluted earnings per share rising to $0.55. Total revenue grew 2% to $396.4 million, driven by an 8% rise in service revenue despite a 7% decline in inventory sales revenue. Operating income slightly increased to $89.5 million, while SG&A expenses rose by 11% to $111.8 million. The company declared a quarterly dividend of $0.25 per share, marking a 14% increase. The performance benefited from strategic digital initiatives and improved GTV, although some inventory sales challenges were noted due to market conditions.

Ritchie Bros. held a successful auction in Fort Worth, Texas, on July 20-21, 2021, generating over US$50 million in sales for more than 3,750 items. The online auction attracted over 11,250 registered bidders, with 90% of sales going to U.S. buyers, including 40% to Texans. Notable sales included a 2014 Kobelco CK1100G crawler crane sold for US$365,000. The company plans additional auctions in Houston next month and Fort Worth in September, responding to increased demand for online buying.

Ritchie Bros. is set to host an Inside Edge industry panel on July 27, 2021, at 12 p.m. Pacific to discuss key factors in the transportation market, including OEM production delays, driver shortages, and rising truck prices, which have surged by 30% year-over-year. Featured panelists include industry experts such as Steve Tam from ACT Research and Stacey Jenkins from the Toronto Transportation Association. To participate, register via rbauction.com.

Ritchie Bros. reports a robust seller's market in its July 2021 Market Trends report, revealing truck tractor prices in the U.S. have surged by 30% year-over-year. In Canada, medium earthmoving and vocational truck prices increased by 25%. The report highlights strong demand for tandem-axle truck tractors, particularly 6-year-old models in the U.S. and 4-year-old models in Canada. The median price for popular Freightliner Cascadia models rose more than 45% in the first half of 2021 compared to 2020.

Ritchie Bros (NYSE: RBA) announced its Second Quarter 2021 earnings conference call scheduled for August 6, 2021, at 11:00 a.m. Eastern. The earnings results will be released on August 5, 2021, after the markets close. Analysts and institutional investors can join the call via designated dial-in numbers. A live webcast will be available, along with presentation slides. A replay of the call will be accessible until September 6, 2021. Established in 1958, Ritchie Bros operates in various sectors, providing end-to-end solutions for buying and selling heavy equipment.

Ritchie Bros. is set to conduct its largest-ever auction for Barrilleaux Inc. on August 10-11, 2021, in New Mexico and Texas. Following 36 years in business, Barrilleaux Inc. will sell tens of millions of dollars worth of construction equipment without minimum bids or reserves. The auction will feature late-model machinery, including directional drills, pipelayers, excavators, and trucks. Equipment inspection is available at locations in Carlsbad, NM, and Oakwood, TX. This event marks a significant opportunity for buyers in the pipeline construction sector.

Ritchie Bros. reported a successful auction held from June 23-25, 2021, in Edmonton, generating over CA$70 million (US$56 million) from the sale of 8,500+ items. The auction attracted nearly 15,000 bidders from 64 countries, with 92% of the equipment sold to Canadian buyers, especially from Alberta. Key sales included a 2018 Caterpillar D6T LGP dozer for CA$472,500. The company continues to see strong demand for well-maintained equipment as the construction season ramps up in Alberta, with additional upcoming auctions planned.

The Ritchie Bros auction held in Houston on June 15-16, 2021, showcased a remarkable 30% increase in gross transaction value and bidder registrations from the previous year, totaling over US$56 million in gross transaction value (GTV) with 12,000 bidders competing for more than 4,000 items.

Notably, approximately 87% of the equipment was purchased by U.S. buyers, while international participation contributed 13%. The auction observed strong pricing, particularly for truck tractors and pipelayers, driven by unprecedented demand.