Tough Macro Equipment Conditions Continue for Ritchie in 1Q
Following narrow-moat Ritchie Bros. Auctioneers' first-quarter results, we are maintaining our $27 fair value estimate. RBA improved first-quarter earnings per share by $0.04 to $0.16, up 33% from the prior-year quarter on an adjusted basis, in line with our top- and bottom-line expectations. As seen in the prior few quarters, Ritchie continues to face constrained conditions in the auction market as high equipment utilization rates remain across North America, given the robust economic backdrop....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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