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Jun 30, 2024
RB Global Q2 2024 Earnings Report
RB Global's financial performance remained strong, driven by service revenue growth and operational efficiency.
Key Takeaways
RB Global reported a slight decrease in total revenue and GTV, but net income and EPS increased significantly. Service revenue grew, offsetting a decline in inventory sales. The company updated its full-year outlook, projecting continued growth in adjusted EBITDA.
GTV decreased slightly by 1% year-over-year to $4.1 billion.
Total revenue decreased by 1% year-over-year to $1.1 billion.
Service revenue increased by 7% year-over-year to $859.1 million.
Net income available to common stockholders increased by 30% year-over-year to $100.7 million.
RB Global
RB Global
Forward Guidance
The Company has updated its full-year 2024 outlook for select financial data.
Positive Outlook
- GTV growth is projected to be 0% to 2%.
- Adjusted EBITDA is expected to be $1,220 to $1,270 million.
- Full year 2024 tax rate (GAAP and Adjusted) is expected to be 25% to 27%.
- Capital expenditures are projected to be $275 to $325 million.
- Actioned $110 million in cost synergies and will reach full run rate ahead of schedule.