Ritchie Bros. Auctioneers (RBA) Misses Q4 EPS by 7c

February 18, 2021 5:29 PM EST

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Ritchie Bros. Auctioneers (NYSE: RBA) reported Q4 EPS of $0.49, $0.07 worse than the analyst estimate of $0.56. Revenue for the quarter came in at $383.4 million versus the consensus estimate of $384.18 million.

Consolidated results:

  • Total revenue in Q4 2020 increased 15% to $383.4 million as compared to Q4 2019
    • Service revenue in Q4 2020 increased 6% to $231.7 million as compared to Q4 2019
    • Inventory sales revenue in Q4 2020 increased 33% to $151.8 million as compared to Q4 2019
  • Total selling, general and administrative expenses ("SG&A") in Q4 2020 increased 13% to $108.3 million as compared to Q4 2019
  • Operating income in Q4 2020 increased 2% to $72.9 million as compared to Q4 2019
  • Adjusted operating income*(non-GAAP measures) in Q4 2020 increased 16% to $78.1 million as compared to Q4 2019
  • Net income in Q4 2020 decreased 5% to $48.9 million as compared to Q4 2019
  • Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization* ("EBITDA") (non-GAAP measure) in Q4 2020 increased 12% to $98.5 million as compared to Q4 2019
  • Cash provided by operating activities was $257.9 million for 2020

"We delivered a solid fourth quarter with a 5% increase in GTV contributing to an 18% growth in operating income for the full year."

"2020 was an unprecedented year as the COVID-19 pandemic had a devastating impact on public health while creating global economic uncertainty. I am proud of the technology driven innovations our teams implemented to help customers leverage our Omni-channel platform while keeping our health protocols a top priority," said Ann Fandozzi, CEO of Ritchie Bros.

Fandozzi concluded "Uncertainty in the fourth quarter, driven by new COVID shut-downs and turbulent US election, resulted in consigners taking a wait and see approach. We continue to focus on things that drive long term value: innovating and leveraging technology to enhance customer experience, optimizing operating cost and driving execution against our strategic pillars."

For earnings history and earnings-related data on Ritchie Bros. Auctioneers (RBA) click here.



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