Fri, Nov 8, 12:36 PM (243 days ago)
For the third quarter of 2024, RB Global, Inc. (NYSE: RBA) reported total revenue of $981.8 million, a 4% decrease from $1,019.8 million in Q3 2023. Service revenue slightly increased by 1% to $779.9 million, while inventory sales revenue fell by 18% to $201.9 million. Net income rose 20% to $76.0 million, with diluted earnings per share increasing to $0.36. Operating expenses decreased by 5% to $828.9 million, primarily due to lower selling, general, and administrative costs. The company highlighted macroeconomic challenges affecting transaction volumes, particularly in the commercial construction and transportation sectors, leading to a 7% decline in gross transaction value (GTV) to $3.6 billion. The effective tax rate improved to 25.6%. Cash provided by operating activities surged to $747.5 million, contrasting with significant outflows in the prior year, driven by the inclusion of IAA's full quarter results and reduced integration costs. Looking ahead, RB Global continues to navigate uncertainties impacting asset pricing and transaction volumes, while maintaining a strong liquidity position with $703.2 million in unused credit facilities.