Ritchie Bros. Q2 Earnings Rise, Results Beat Estimates; Hikes Quarterly Dividend

(RTTNews) - Ritchie Bros. Auctioneers Inc. (RBA), an auctioneer of heavy equipment and trucks, Tuesday reported second-quarter earnings which increased, as good auction activity, particularly in Canada, boosted auction proceeds. In addition, both earnings and revenues beat analysts' estimates.

Net earnings grew to $39.13 million for $0.36 per share, from $30.03 million or $0.28 per share.

On average, fifteen analysts polled by Thomson-Reuters estimated the company's earnings to be $0.34 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues increased to $141.83 million, from $128.32 million last year, above the $140.92 million Wall Street expected.

The board recommended a 7.7 percent increase in quarterly cash dividend to $0.14 per common share, payable on September 12 to shareholders of record on August 22.