Oppenheimer Q2 Review on Ritchie Bros (RBA): Cutting Outlook After Miss
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Price: $20.82 -0.86%
Rating Summary:
2 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
2 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade RBA Now!
Oppenheimer maintains a 'Perform' on Ritchie Bros (NYSE: RBA)
Analyst, Scott Schneeberger, said, "Ritchie Bros.' 2Q12 adjusted EPS of $0.30 (+20% y/y) lagged our est/consensus of $0.35/$0.36. Previously announced (via website) 2Q gross auction proceeds (GAP) were $1.194B (+3.9% y/y). Auction revenue of $127.2M (+11% y/y) fell short of our est/consensus of $139M/$137M, primarily on auction revenue rate (ARR) of 10.65% being below our est of 11.5% on elevated competition/at-risk pricing being adversely impacted by upward used equipment price momentum slowing abruptly late in quarter. RBA alluded to improving market dynamics (a more balanced supply/demand environment) 3Q-to date and maintained 2012 GAP/ARR/auction revenue/incremental G&A/EBITDA margin/pretax income growth guidance ranges."
FY12 EPS estimate lowered from $0.92 to $0.84 and FY13 from $1.05 to $0.94.
For an analyst ratings summary and ratings history on Ritchie Bros click here. For more ratings news on Ritchie Bros click here.
Shares of Ritchie Bros closed at $19.01 yesterday, with a 52 week range of $17.81-$27.39.
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Analyst, Scott Schneeberger, said, "Ritchie Bros.' 2Q12 adjusted EPS of $0.30 (+20% y/y) lagged our est/consensus of $0.35/$0.36. Previously announced (via website) 2Q gross auction proceeds (GAP) were $1.194B (+3.9% y/y). Auction revenue of $127.2M (+11% y/y) fell short of our est/consensus of $139M/$137M, primarily on auction revenue rate (ARR) of 10.65% being below our est of 11.5% on elevated competition/at-risk pricing being adversely impacted by upward used equipment price momentum slowing abruptly late in quarter. RBA alluded to improving market dynamics (a more balanced supply/demand environment) 3Q-to date and maintained 2012 GAP/ARR/auction revenue/incremental G&A/EBITDA margin/pretax income growth guidance ranges."
FY12 EPS estimate lowered from $0.92 to $0.84 and FY13 from $1.05 to $0.94.
For an analyst ratings summary and ratings history on Ritchie Bros click here. For more ratings news on Ritchie Bros click here.
Shares of Ritchie Bros closed at $19.01 yesterday, with a 52 week range of $17.81-$27.39.
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