RB Global, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenue increasing by 16% to $4.3 billion, compared to $3.7 billion in 2023. The company's net income doubled to $412.8 million, up from $206 million the previous year, resulting in diluted earnings per share rising by 93% to $2.01. Service revenue, which constitutes the majority of the company's income, surged by 23% to $3.4 billion, while inventory sales revenue saw a slight decline of 3% to $920.6 million.
The company attributed its strong performance to the full-year impact of the acquisition of IAA, which was completed in March 2023. This acquisition contributed significantly to the increase in service revenue and overall gross transaction value (GTV), which rose by 14% to $15.9 billion. The automotive sector was particularly robust, with GTV increasing by 27% to $8.3 billion, driven by higher transaction volumes and average selling prices. However, the commercial, construction, and transportation (CC&T) sector experienced a more modest growth of 7%, reflecting challenges in pricing and asset mix.
Operationally, RB Global expanded its footprint by opening five new locations in the U.S. and Canada and converting 13 leased properties to owned status. The company also made strategic investments in technology, including a new digital payments platform and enhancements to IAA's merchandising services, which improved customer experience and engagement. The workforce grew to over 7,800 employees, with a focus on enhancing employee training and development programs.
Looking ahead, RB Global expressed optimism about its growth strategy, which includes further acquisitions and expanding its market share in both existing and new geographic regions. The company plans to leverage its technological advancements and strong customer relationships to drive future profitability. However, it also acknowledged potential risks, including macroeconomic factors such as inflation and interest rate volatility, which could impact operational performance and market conditions.
About RB GLOBAL INC.
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