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Stock Alert: Ritchie Bros. Rises 8% Following Upbeat Earnings

Shares of asset management and disposition company Ritchie Bros. Auctioneers Incorporated (RBA)are climbing more than 8% Friday morning on better-than-expected second-quarter results.

The stock touched a new high of $53.80 this morning.

The company reported adjusted earnings of $0.54 per share in the second quarter compared with $0.49 per share in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share.

Revenue for the quarter decreased 1% year-over-year to $389.1 million. The consensus estimate was at $343.67 million.

The company also increased quarterly dividend by 10% to $0.22 per share.

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