BURNABY, British Columbia (AP) — BURNABY, British Columbia (AP) — Ritchie Bros. Auctioneers Inc. (RBA) on Wednesday reported a loss of $28.1 million in its first quarter.
The Burnaby, British Columbia-based company said it had a loss of 28 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 57 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
The heavy equipment auctioneer posted revenue of $512.4 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $427.2 million.
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