By midday, shares had fallen 7.8% to $23.13.
Over the three months to March, the company recorded net income of 13 cents a share, inline with analysts' estimates. However, revenue of $98.6 million fell short of expectations of $101.6 million, according to analysts surveyed by Thomson Reuters.
TheStreet Ratings team rates RITCHIE BROS AUCTIONEERS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate RITCHIE BROS AUCTIONEERS INC (RBA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."
- You can view the full analysis from the report here: RBA Ratings Report