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NEW YORK - RB Global, Inc. (NYSE:RBA) reported fourth quarter earnings that surpassed analyst expectations, driven by solid revenue growth across its business segments.
The company posted adjusted earnings per share of $0.95, beating the consensus estimate of $0.79 by $0.16. Revenue for the quarter rose 10% year-over-year to $1.14 billion, also topping analyst projections of $1.06 billion.
"I am proud of everything the RB Global team accomplished in 2024," said CEO Jim Kessler. "We made significant progress on our strategic priorities, and we have a firm foundation by which we expect continued long-term growth and value creation."
Total (EPA:TTEF) gross transaction value increased 2% to $4.1 billion in Q4, with growth primarily in the automotive sector. Service revenue jumped 8% to $875.5 million, benefiting from a higher average service revenue take rate and increased GTV. The service revenue take rate expanded 110 basis points to 21.3%.
Inventory sales revenue climbed 15% to $266.1 million, driven by higher revenues from the commercial construction and transportation sector. The inventory rate expanded 70 basis points to 5.7%.
For the full year 2024, RB Global’s net income doubled to $412.8 million compared to $206 million in 2023. Adjusted EBITDA increased 26% to $1.3 billion.
Looking ahead, the company expects 2025 GTV growth of 0-3% and adjusted EBITDA between $1.32 billion and $1.38 billion.
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