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The company also is implementing a large cost savings initiative to save more than $110 million annually.

The second quarter was flat for an auctioneer and online marketplace operator of used vehicles and construction site equipment, RB Global Inc.

The company, which operates the equipment and vehicle auction and buy-now marketplaces at IronPlanet.com, Mascus.com and related brands, posted gross transaction volume of $4.104 billion. That’s a 1% drop from gross transaction volume of $4.144 billion in Q2 2023 for RB Global.



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RB Global Q2 results

For its fiscal Q2 ended June 30, RB Global net income was $111.0 million. That compares with $86.8 million in the prior year.

Service revenue increased 7% year-over-year to $859.1 million from $806.1 million. Meanwhile, inventory sales revenue decreased 21% year over year to $237.0 million from $300.4 million.

In addition to marketplaces, RB Global’s brand portfolio includes:

  • Rouse Services, which provides an asset management, data-driven intelligence, and performance benchmarking system.
  • SmartEquip Inc. (“SmartEquip”), a digital technology platform that supports customers’ management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers.

“As business conditions continue to evolve, large fleet owners are evaluating their equipment disposal needs for the remainder of the year,” CEO Jim Kessler told analysts on an earnings call. “The higher interest rate environment and the higher replacement costs are leading some customers within the region’s business to postpone investments in new equipment, reducing their immediate need for our suite of transaction solutions for their used equipment.”

The company also is implementing a large cost savings initiative to save more than $110 million annually, he told analysts.

“We have now actioned approximately $110 million in cost synergies and will reach the full run rate well ahead of what we committed during the transaction,” Kessler told analysts.

Check back for more earnings reports. Click here to read last quarter‘s RB Global earnings article.

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