Vancouver-based Ritchie Bros. Auctioneers Incorporated (TSX: RBA) announced this morning that profits were up 30% from the same quarter last year.
The company – the world's largest auctioneer of industrial equipment – recorded net earnings of US$16.6 million for the three months ending March 31, 2011, and adjusted net earnings of US$13.7 million. That’s a 7% increase year-over-year from 2010’
s first quarter net earnings of US$12.7 million.
The company's auction revenues for the three months ending March 31, 2011 were US$88.5 million, compared to US$83.5 million for the same period in 2010. Gross auction proceeds were US$851 million for that period – 10% higher than in the same period for 2010.
Ritchie Bros.’ CEO Peter Blake remarked, “We are pleased to have achieved the largest first quarter gross auction proceeds and auction revenues in our history. Our strong performance reflected increasing optimism among equipment owners and early signs of momentum returning to the equipment industry.”
The company conducted 37 industrial auctions in 11 countries throughout North America, Europe, the Middle East, Central America and Australia during the first quarter of 2011.
Blake added, “We remain optimistic about our prospects for the balance of 2011…construction activity in a number of our markets around the world remains uncertain, and sustained improvement will be important for maintaining strength in the used equipment market over the longer term.”
At press time, Ritchie Bros.’ shares were trading at $28.24 on the TSX, down $0.88 from market open.
Jennifer Harrison