RB Global, Inc. - RBA STOCK NEWS

Ritchie Bros reported selling over 2,300 excavators in the US during the first half of 2020, generating more than $134 million. The company acknowledged that used equipment values remain lower compared to last year, but the rate of decline is moderating. The August Market Trends report, outlining pricing trends by industry, shows a year-over-year decline in used heavy equipment prices by approximately 2% in the US and 1% in Canada. Ritchie Bros provides valuable insights through its Market Trends module, a part of its Asset Solutions suite, enhancing understanding of asset classes for customers and investors.

Ritchie Bros. Auctioneers (NYSE: RBA, TSX: RBA) announced the appointment of Kevin Geisner as the new Chief Strategy Officer (CSO). He will focus on steering the company's corporate strategy, corporate development activities, and enhancing data analytics and market insights. Geisner, with 30 years of experience including leadership roles at Amazon and Microsoft, aims to drive sustainable growth and digital innovation at Ritchie Bros. Under CEO Ann Fandozzi, the company is poised to leverage its scale to improve customer experience and value creation.

Ritchie Bros. Auctioneers (NYSE: RBA) reported Q2 2020 results with a 2% dip in net income to $53.0 million, and flat diluted EPS at $0.49. Total revenue decreased 1% to $389.1 million, with service revenue remaining largely unchanged at $234.1 million. Operating income rose 14% to $88.8 million, while adjusted diluted EPS increased 10% to $0.54, excluding a $6.2 million tax expense. The company declared a quarterly cash dividend of $0.22 per share and authorized a $100 million share repurchase program. Cash on hand was $538 million at the end of Q2.

Ritchie Bros. held a successful summer auction in Fort Worth, TX from July 28-29, 2020, attracting over 10,800 bidders from 60 countries, a 108% increase from the previous year. The auction saw sales exceeding US$58 million with over 4,400 equipment items sold. Approximately 91% of the equipment was purchased by U.S. buyers, with notable sales including three Caterpillar D8T dozers for US$665,000. Ritchie Bros. plans to continue online-only auctions to ensure safety amidst COVID-19.

Ritchie Bros (NYSE: RBA) will hold its second quarter 2020 earnings conference call on August 7, 2020 at 11:00 a.m. ET. The earnings results will be released on August 6, 2020, after market close. This call will provide analysts and institutional investors an opportunity to discuss financial results and ask questions. Interested parties can listen via a conference call or webcast. A replay will be available until September 7, 2020. For more details, visit the Ritchie Bros. investor relations page.

Ritchie Bros. has released its July 2020 Market Trends report, indicating a moderate decline in equipment prices across key sectors in the U.S. and Canada. The report highlights a year-over-year price drop of approximately 3% for used heavy equipment in the U.S. and 1% in Canada. Truck tractors saw an 8% decline in the U.S. and 5% in Canada. Despite these declines, the rate has moderated, suggesting stability in the market. Major markets include Texas, California, and Alberta. This insight is part of Ritchie Bros.' comprehensive asset management solutions.

Ritchie Bros set a record with over 35,000 equipment items sold in 29 online auctions from June 22-26, generating total gross transaction proceeds exceeding US$295 million. The auctions attracted more than 80,000 bidders from over 64 countries, showcasing global participation despite the pandemic. Highlights include significant sales in Houston (US$43 million), Northeast Regional (US$47 million), and Edmonton (US$69 million). The company's online platforms received over 2.5 million visits during this record-breaking week, reinforcing its strong market position.

Ritchie Bros. is set to conduct its largest auction week ever from June 22-26, featuring over 35,000 equipment items across 29 auctions in five countries, including the U.S., Canada, France, Germany, and Australia. Key highlights include auctions in Houston and Edmonton, featuring items like a 2015 Tadano crane and 2018 Caterpillar dozers. The auctions are entirely online, catering to increased demand for liquidity during the pandemic. Additionally, there will be special regional auctions and timed auctions in multiple locations.