Richmond's Ritchie Bros. Auctioneers Inc. (TSX, NYSE:RBA) reported a 53% increase in quarterly profits on higher auction revenue for the quarter ending September 30.
Net earnings rose to US$14.9 million from US$9.7 million as auction revenue increased to US$68.1 million from US$55.7 million on the strength of a 15% increase in gross auction proceeds of US$667.5 million compared with US$580.3 million in the same quarter a year ago.
The company's revenue has increased throughout the year, primarily because of higher auction sales and more auction locations. In the past nine months, Ritchie Bros. has opened regional auction sites in Hartford, Connecticut, and Paris, France. It's also bought land near Paris; in Kansas City, Missouri; and Grand Prairie, Alberta, for additional auction sites at those locations.
As a result of the company's growth, Ritchie Bros. has announced a quarterly cash dividend of $0.24 per share payable on December 14 to shareholders.
Ritchie Bros.' share price range during the past week: between $67.48 and $69.30; 52-week high: $73.54; 52-week low: $57.83