Ritchie Bros. Second-Quarter Results Show Revenue Rate Drop

Ritchie Bros Auctioneers Inc.'s quarterly results missed analysts' estimates as weak prices of used equipment and stiff competition weighed on its auction revenue rate, sending its shares down 13 percent to a six-year low.

Adjusted auction revenue rate for the company, which auctions industrial equipment, fell to 9.38 percent from 9.96 percent a year earlier. Auction revenue rate is auction revenue as a percentage of gross auction proceeds.

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