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Ritchie Bros. Q2 revenue $158.8 million

Staff Writer |
Ritchie Bros. Auctioneers reported results for the second quarter ended June 30, 2016. The company generated $158.8 million of revenue.

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This is a 2% increase compared to revenues of $155.5 million in the second quarter last year, and net income attributable to stockholders for the second quarter of $39.7 million, 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 revenues of $271.1 million in the first half of 2015, and net income attributable to stockholders for the first half of $69.1 million, 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.

The Revenue Rate was 12.45% in the second quarter of 2016, compared to 12.32% in the second quarter of 2015.

Operating income, decreased 15% during the second quarter of 2016 to $53.6 million, compared to $62.8 million in the second quarter of 2015.

This decrease was primarily due to increases in selling, general and administrative (SG&A) expenses, costs of services, and foreign exchange losses, combined with a decrease in the gain on disposition of property, plant and equipment, and partially offset by the increase in revenues.

Foreign exchange gains that occurred in both the second quarter of 2016 and 2015 are now reported in operating income, per US GAAP.

Foreign exchange rates had a negative impact on operating income during the second quarter of 2016.


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