Jefferies Cuts Price Target on Ritchie Bros. Auctioneers (RBA) to $28 Following 2Q Results
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Ritchie Bros. reports second quarter 2016 results
August 8, 2016 5:05 PM EDTRecord second quarter and first half Gross Auction Proceeds1 of $1.3 billion and $2.3 billion, respectively Second quarter revenues increased 2% over Q2 2015 Q2 2016 Revenue Rate1 of 12.45% driven mostly by growing fee-based revenue streams Costs of services and selling, general and administrative expenses grew due to newly acquired businesses, increased headcount to drive strategic initiatives, and growth in lot volume Diluted earnings per share attributable to stockholders of $0.37, a 12% decrease relative to $0.42 in the second quarter last year Increasing quarterly cash dividend by 6% to $0.17 per share Acquisition of Petrowsky... More
