RB Global inventory sales revenue climbs 28% in Q2
Inventory turn ratio rose 1.8 percentage points YoY
Commercial vehicle and equipment marketplace RB Global posted a surge in inventory sales revenue in the second quarter, driven by an expanding market presence.
The growth of its heavy-equipment and transportation (HE&T) business was due to its resilient business model, cost discipline and strategic acquisitions, according to its Aug. 4 earnings release.
In May, RB Global completed the $350 million acquisition of online equipment auction company BigIron, “strengthening our position in the highly attractive U.S. agriculture market, expanding our customer reach and creating additional opportunities to generate long-term value for shareholders,” Chief Executive Jim Kessler stated in the release.
RB Global, parent company of equipment auctioneer Ritchie Bros., reported in Q2:
- Total revenue rose 11.1% year over year to $1.3 billion;
- Inventory sales revenue increased 28.4% YoY to $383.7 million;
- HE&T gross transaction value (GTV) totaled $2.1 billion, up 7.7% YoY;
- HE&T lots sold totaled 200,000, up 7.3% YoY;
- Total GTV jumped 11.3% YoY to $4.7 billion;
- Total lots sold increased 7.6% YoY to 911,200;
- Inventory turn ratio rose 1.8 percentage points YoY to 5.9%; and
- Net income totaled $143.6 million, up 30.9% YoY.
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