Ritchie Bros. Auctioneers Incorporated Earnings: Here’s Why the Stock is Up Now
Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 5.6%.
Ritchie Bros. Auctioneers Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 16% to $0.21 in the quarter versus EPS of $0.25 in the year-earlier quarter.
Revenue: Rose 3.26% to $117.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Ritchie Bros. Auctioneers Incorporated reported adjusted EPS income of $0.21 per share. By that measure, the company missed the mean analyst estimate of $0.23. It beat the average revenue estimate of $114.44 million.
Quoting Management: “2012 was another year of volatility in the used equipment market. During the year, we saw competition remain strong, used equipment prices rise then flatten, and ultimately the supply and demand for used equipment became more balanced ,” said Peter Blake , Ritchie Bros. CEO.
Key Stats (on next page)…