Ritchie Brothers Auctioneers posted net earnings of $16.4 million in the third quarter, doubling its net earnings of $8.2 million in the same period last year. Auction revenues for the third quarter were $105.8 million, compared to $92.3 million for the same period a year ago, a 14.6-percent increase.
For the nine months ended Sept. 30, net earnings were $60.5 million, compared to $60.1 million a year ago. Ritchie’s auction revenues for the nine months were $336.2 million, compared to $320.8 million for the same period last year, a 4.8-percent jump.
“Our focus remains squarely on growing revenue,” said Ritchie Bros. CEO Peter Blake. “The strong performance of our underwritten business helped to bolster our auction revenue rate to its highest level ever, driving meaningful revenue and earnings growth this quarter. We’re also pleased with the progress of our new territory managers, who have been aided by ongoing training and new sales support tools. These developments, along with signals of a stronger market and supply environment reinforce our belief that the company is very well positioned for growth.”
Gross auction proceeds for the third quarter were $789.6 million, a 7-percent decline from the same period in the third quarter, primarily the result of the timing and auctions and a large one-time consignment that occurred in the comparable period a year ago.
EquipmentOne and other online marketplaces contributed $65.6 million to gross auction proceeds in the first nine months of the year, compared to $37.4 million in the first nine months of 2012.
Ritchie Brothers Auctioneers is based in Vancouver, B.C., Canada.
