RB Global said on September 15 that it is raising its share repurchase ceiling to $1 billion from $500 million. The program began on March 18, and by September 11 the company had bought back 5,363,497 shares at an average price of about $93.22; the new terms, effective September 17, allow it to repurchase the lesser of 14,224,129 shares, roughly 10% of the public float, and $1 billion of stock. Management also raised the quarterly dividend to $0.33 from $0.31 on July 21. The buyback follows second-quarter results reported on August 4, when gross transaction value rose 11% to $4.7 billion and net income climbed 31% to $143.6 million, and management lifted its full-year GTV growth outlook to 9% to 11% from 6% to 9%. Underneath the headline numbers, however, GTV growth falls to 7% from 11% once recent acquisitions are stripped out, service revenue grew only 5% to $933.4 million as the take rate slid 110 basis points to 20%, and reported diluted earnings per share of $0.71 grew 34% while adjusted earnings per share of $1.13 grew just 6%.
RB Global Inc.RB Global raised its share repurchase ceiling to $1 billion from $500 million and lifted its quarterly dividend to $0.33 from $0.31.
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