Ritchie Bros. Auctioneers Incorporated has reported its results for the three and six months ended June 30, 2016.
During the second quarter, the company generated $158.8 million of revenue, a 2% increase compared to $155.5 million in the second quarter last year. It also reported $39.7 million of net income attributable to stockholders for the second quarter, a 12% decrease compared to $45.1 million in the same period last year.
Diluted earnings per share (EPS) attributable to stockholders were $0.37, a 12% decrease compared to $0.42 in the same quarter last year.
During the first half of 2016, the Company generated $290.8 million of revenue, a 7% increase compared to $271.1 million in the first half of 2015, and $69.1 million of net income attributable to stockholders, a slight increase from $68.9 million in the same period last year. Diluted EPS attributable to stockholders was $0.65, a 2% increase from $0.64 in the first half of last year.
"We had a difficult second quarter with modest revenue growth and a decline in EPS versus the same period last year. Our performance was negatively impacted by the strong comparable quarter we achieved in 2015, a sudden decline in equipment pricing globally in June – across various sectors – that was driven by an imbalance between demand and supply, increasing competitive pressures, as well as higher operational and G&A costs," said Ravi Saligram, CEO of Ritchie Bros. "Nevertheless, we are encouraged by our strong July performance with GAP up 8%, indications that pricing may be stabilizing, and a robust pipeline going into the rest of the year. We are also excited that more than half of our GAP in Q2 was generated online, which reinforces that our multi-channel and digital strategy is gaining momentum."
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