Ritchie Bros. Auctioneers Incorporated reported the following results for the three months ended June 30, 2021.
Net income attributable to stockholders increased 15 percent to $60.7 million, compared to $53.0 million in Q2 2020. Diluted earnings per share (EPS) attributable to stockholders increased 12 percent to $0.55 per share in Q2 2021 compared to $0.49 per share in Q2 2020. Diluted adjusted EPS attributable to stockholders increased 2 percent to $0.55 per share in Q2 2021 compared to $0.54 per share in Q2 2020.
"We grew our total service revenue by 8 percent in the quarter despite an unfavorable, albeit temporary, used equipment supply environment," says Ritchie Bros. CEO Ann Fandozzi.
"We continue to focus on our long-term strategy of providing insights, services and transaction solutions to our customers. We are testing and learning more how to service our customers digitally, with Business Inventory Management System (IMS) activations increasing 34 percent sequentially compared to last quarter," Fandozzi adds
For the second quarter of 2021 as compared to the second quarter of 2020:
Consolidated results:
- Total revenue in Q2 2021 increased 2 percent to $396.4 million
- Service revenue in Q2 2021 increased 8% to $252.7 million
- Inventory sales revenue in Q2 2021 decreased 7 percent to $143.6 million
- Total selling, general and administrative expenses (SG&A) in Q2 2021 increased 11 percent to $111.8 million
- Operating income in Q2 2021 increased 1 percent to $89.5 million
- Net income in Q2 2021 increased 14 percent to $60.8 million
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (non-GAAP measure) in Q2 2021 increased 5 percent to $112.3 million
- Cash provided by operating activities was $211.4 million for the first half of 2021
Auctions & Marketplaces segment results:
- GTV in Q2 2021 increased 2 percent to $1.5 billion and decreased 3 percent when excluding the impact of foreign exchange
- A&M total revenue in Q2 2021 remained flat at $355.1 million
- Service revenue in Q2 2021 increased 6 percent to $211.5 million
- Inventory sales revenue in Q2 2021 decreased 7 percent to $143.6 million
Other Services segment results:
- Other Services total revenue in Q2 2021 increased 20 percent to $41.3 million
- RBFS revenue in Q2 2021 increased 39 percent to $11.8 million
- Rouse revenue of $6.2 million was recognized in Q2 2021, which was its second full quarter since its acquisition on December 8, 2020
- Total number of organizations activated on our IMS increased by 34 percent
Other Company development:
- Increased quarterly cash dividend by 14 percent to $0.25 per share
