Ritchie Bros. reports a strong contribution to gross transaction value (GTV) growth across all geographic regions and channels and is pleased by the growth in the third quarter, ended Sept. 30, 2020.
“Ritchie Bros.’ omnichannel platform continues to drive best-in-class customer experiences and solid price performance. While 100 percent of transactions have moved online, we continue to leverage all the tools in our digital and technology toolbox as well as our physical sites for care, custody and control,” says Ritchie Bros. CEO Ann Fandozzi.
“Our priorities have not changed, we continue to focus on the health and safety of our employees and customers and preserving our strong financial position to benefit our shareholders, customers and employees as the pandemic continues to unfold,” Fandozzi says.
Total revenue in Q3 2020 increased 14 percent to $331.5 million (all figures in U.S. dollars), compared with Q3 2019. Service revenue in Q3 2020 increased 25 percent to $222.7 million compared with Q3 2019. Inventory sales revenue decreased 2 percent to $108.9 million compared with the same period the previous year.
Ritchie Bros. reports total selling, general and administrative expenses (SG&A) in Q3 2020 increased 18 percent to $110.2 million as compared with Q3 2019.
Operating income in increased 68 percent to $67.4 million compared with Q3 2019. Net income increased 80 percent to $45.5 million compared with last year’s Q3. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (non-GAAP measure) in Q3 2020 increased 55 percent to $91.9 million compared with Q3 last year.
GTV in Q3 2020 increased 22 percent to $1.3 billion compared with the same period a year ago, and A&M total revenue 14 percent to $297.8 million compared with Q3 2019. Service revenue increased 26 percent to $188.9 million and inventory sales revenue in Q3 2020 decreased 2 percent to $108.9 million compared with Q3 of last year.
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