Ritchie Bros First-Quarter Results Weaker than in the Strong Prior-Year Period; Maintain FVE
We maintain our wide moat rating and current fair value estimate on Ritchie Bros despite its underperforming a remarkable prior-year period. We consider this a lumpy business. Ritchie Bros first-quarter gross auction proceeds, or GAP, declined about 12% from the strong year-ago period to $0.9 billion, sales dropped 6%, and diluted EPS dropped from $0.27 to $0.10. Last year makes for challenging comparisons due to oil and gas dislocation in the oil sands regions and an additional large auction.T...
Ritchie Bros. Auctioneers sells industrial equipment and other assets for the construction, agricultural, transportation, energy, mining, forestry, material handling, marine and real estate industries at its unreserved auctions and online marketplaces. The auction items are sold during live on site auctions without a minimum or reserve price. Through EquipmentOne (Co.'s online marketplace), equipment sellers are able to list their equipment on the online marketplace, receive and accept offers, and complete and settle their sale. Co.'s other services include Private Treaty, in which Co. acts as a private sales agent and conduct negotiated sales of equipment items between buyers and sellers.
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