Ritchie Bros. Auctioneers Shares Plunged: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of industrial auctioneer Richie Bros. Auctioneers (NYS: RBA) fell 10% today after the company released earnings.
So what: Revenue was well short of the $120.3 million analysts estimated and only hit $114 million. Earnings per share were just $0.02 less than estimates at $0.25.
Now what: In a market like we have right now any disappointment is going to send shares reeling. Competitive pressure and lower prices for certain products were to blame for the weak results, and management sees more of the same in the future. I don't think today is a buying day and would like to wait until things settle down before grabbing shares.
Interested in more info on Richie Bros. Auctioneers? Add it to your watchlist.
At the time this article was published Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.Motley Fool newsletter services have recommended buying shares of Ritchie Auctioneers. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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