Ritchie Bros. Q1 net income up 24%
Topics: RITCHIE BROS
Net income attributable to stockholders increased 24% to $28.2 million, compared to $22.8 million in Q1 2020. Diluted earnings per share ("EPS") attributable to stockholders increased 19% to $0.25 per share in Q1 2021 compared to $0.21 per share in Q1 2020.
"Our 11% increase in GTV growth in the quarter was driven by solid underlying performance from all regions contributing to a 31% increase in operating income."
"We continued to lead with innovation; flexing new digital capabilities to improve the buyer and seller experience, ultimately driving exceptional price realization for consignors during this continued period of heightened economic uncertainty," said Ann Fandozzi, CEO of Ritchie Bros.
Total revenue in Q1 2021 increased 21% to $331.6 million as compared to Q1 2020.
Total selling, general and administrative expenses ("SG&A") in Q1 2021 increased 18% to $116.1 million as compared to Q1 2020.
Operating income in Q1 2021 increased 31% to $44.5 million as compared to Q1 2020.
Net income in Q1 2021 increased 23% to $28.1 million as compared to Q1 2020.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") (non-GAAP measure) in Q1 2021 increased 18% to $66.3 million as compared to Q1 2020.
Cash provided by operating activities was $180.7 million for Q1 2021. ■