04:50 PM EDT, 05/09/2024 (MT Newswires) -- RB Global ( RBA ) was last seen up 7.1% in after-hours New York trade after the auction-services company on Thursday it swung back to a first-quarter profit that topped estimates and raised its guidance.

The company said its net income rose to US$97.1 million, or US$0.53, in the period, up from a loss of US$34.2 million, or US$0.28, in the year-prior quarter.

Adjusted earnings per share, which exclude most one-time items, rose to US$0.90 from US$0.57, and were well ahead of the consensus analyst estimate of US$0.75, according to Capital IQ.

Revenue more than doubled, rising to US$1.1 billion from US$588.6 million.

The company said it now expects 2024 adjusted EBITDA of between US$1.2 billion and US$1.26 billion, up from it previous target of US$1.17 billion to US$1.23 billion. It also lowered its estimated tax rate to 25% to 27% from 25% to 28% .

"The increase in our full-year guidance speaks to our commitment to operational excellence and focus on investing in profitable growth" chief financial officer Eric Guerin said in a statement. "Strong financial performance has allowed the company to meet the net leverage target communicated during the IAA transaction a year ahead of schedule."

The company's shares were last seen up US$5.15 to US$78.08 in after hours trade. They closed up C$0.85 to US$99.73 on the Toronto Stock Exchange.