In This Story
RB Global, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $981.8 million from $1,019.8 million in the same quarter the previous year. The decrease is attributed to an 18% decline in inventory sales revenue.
Service revenue increased by 1% to $779.9 million, driven by a 17% increase in marketplace services revenue. Transactional buyer revenue rose by 2%, while transactional seller revenue decreased by 7%.
Operating expenses totaled $828.9 million, down from $874.5 million the previous year, with a significant reduction in acquisition-related and integration costs.
The company reported a net income of $76.0 million for the quarter, up from $63.2 million in the previous year, with the increase attributed to higher operating income and lower interest expenses.
Net income available to common stockholders rose to $66.9 million from $54.7 million, resulting in a diluted earnings per share of $0.36, up from $0.30.
Adjusted EBITDA for the quarter was $283.7 million, a slight decrease from $285.8 million in the previous year.
RB Global's total gross transaction value (GTV) decreased by 7% to $3.6 billion, primarily due to lower average selling prices and volumes in the commercial construction and transportation sector.
The company highlighted its ongoing integration of IAA, Inc., acquired in March 2023, and noted continued cost synergies and integration efforts.
RB Global confirmed compliance with all financial covenants under its credit facilities, with $718.2 million in unused revolving credit facilities as of September 30, 2024.
The company declared a quarterly dividend of $0.29 per common share, payable on December 18, 2024, to shareholders of record on November 27, 2024.
RB Global continues to focus on its strategic growth drivers, including expanding its marketplace services and enhancing its technology platforms.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RB Global Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.