Last $24.03 USD
Change Today -0.06 / -0.25%
Volume 248.9K
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As of 8:04 PM 08/27/14 All times are local (Market data is delayed by at least 15 minutes).

ritchie bros auctioneers (RBA) Key Developments

Ritchie Bros. Auctioneers Incorporated Declares Dividend for the Quarter Ended June 30, 2014, Payable on September 12, 2014

Ritchie Bros. Auctioneers Incorporated announced 7.7% increase in cash dividend for the quarter ended June 30, 2014. The quarterly cash dividend declared increases to $0.14 per common share, payable on September 12, 2014 to shareholders of record on August 22, 2014.

Ritchie Bros. Auctioneers Incorporated Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reaffirms Earnings Guidance for the Full Year of 2014

Ritchie Bros. Auctioneers Incorporated reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company’s net earnings were $38.6 million, or $0.36 per diluted share, compared to net earnings of $29.8 million, or $0.28 per diluted share, for the three months ended June 30, 2013. This 30% increase is primarily the result of increased revenues and controlled SG&A expenses, combined with a reduction in the company's income tax rate. Revenues were $141.84 million compared to $128.32 million a year ago. Earnings from operations were $51.73 million compared to $41.64 million a year ago. Earnings before income taxes were $51.73 million compared to $41.3 million a year ago. Net cash generated by operating activities was $0.821 million compared to net cash used in operating activities of $9.5 million a year ago. Property, plant and equipment additions were $7.21 million compared to $9.5 million a year ago. Intangible asset additions were $3.05 million compared to $3.83 million a year ago. Adjusted net earnings were $38.61 million or $0.36 per diluted share, compared to $29.8 million or $0.28 per diluted share, a year ago. EBITDA was $62.71 million compared to $52.35 million a year ago. Increase in revenue for the quarter compared to the same period in 2013 was primarily as a result of an increase in gross auction proceeds. The industrial equipment auctioneer also boosted its quarterly revenues. For the six months, the company’s net earnings were $52.9 million, or $0.49 per diluted share, compared to net earnings of $43.8 million, or $0.41 per diluted share, for the six months ended June 30, 2013. This 21% increase is primarily the result of an increase in revenue combined with a reduction of income tax expense and an increase in foreign exchange gains recognized in other income. Revenues were $240.42 million compared to $230.38 million a year ago. Earnings from operations were $51.73 million compared to $41.64 million a year ago. Earnings before income taxes were $70.7 million compared to $61.71 million a year ago. Net cash generated by operating activities was $106.6 million compared to $146.38 million a year ago. Cash generated by operating activities can fluctuate significantly from period to period, due to factors such as differences in the timing, size and number of auctions during the period, the timing of the receipt of auction proceeds from buyers, and the timing of the payment of net amounts due to consignors. Property, plant and equipment additions were $13.97 million compared to $17.9 million a year ago. Intangible asset additions were $7.4 million compared to $8.4 million a year ago. Adjusted net earnings were $52.9 million or $0.49 per diluted share, compared to $43.78 million or $0.41 per diluted share, a year ago. EBITDA was $91.02 million compared to $84.28 million a year ago. The company provided capital expenditures guidance for the full year of 2014. The company anticipates that its capital expenditures will be in the range of $45 million to $50 million for 2014, for the development of the company's information systems as well as enhancements to the company's existing auction sites. The company still believed its current GAP revenue rate and earnings before tax growth guidance is appropriate for 2014, so it likely going to come in near the top of stated GAP range. The company stated on last earnings call that it expected GAP for 2014 to be in the range of $3.9 billion to $4.1 billion. It believe the revenue rate will fall within 11% to 12% range, and expect pretax adjusted earnings growth in the mid-single digits.

Ritchie Bros. Auctioneers Incorporated to Report Q2, 2014 Results on Aug 05, 2014

Ritchie Bros. Auctioneers Incorporated announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Aug 05, 2014

Ritchie Bros. Auctioneers Incorporated, Q2 2014 Earnings Call, Aug 05, 2014

Ritchie Bros. Auctioneers Incorporated, Q2 2014 Earnings Call, Aug 05, 2014

Ritchie Bros. Auctioneers Announces Board Changes

Ritchie Bros. Auctioneers announced that it's board of directors has appointed Beverley Briscoe as chair of the board, with immediate effect. Briscoe succeeds Robert Murdoch, who announced his intention to step down from the board by the end of 2014, due to reaching the mandatory age limit. Murdoch will continue as a director on the board for the remainder of 2014. Beverley Briscoe has been a director of Ritchie Bros. for over 10 years and, since September 2013, has held the role of deputy chair. Briscoe has extensive industry experience in the transportation and industrial equipment sectors. Briscoe is also a director on the board of Goldcorp Inc., where she chairs the Audit committee and is a member of the Environmental Health and Safety Committee. She is the past chair of the Industry Training Authority for BC and the past chair of the BC Forest Safety Council.

 

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