Ritchie Bros. Reports Lower 4Q Income; Revenue Improves
Ritchie Bros. Auctioneers reported its fourth-quarter earnings declined but its revenue rose 6% from a year ago.
Net earnings were $29.3 million, a 13% decline from $33.7 million a year ago. Earnings per share slipped to 27 cents from 31 cents, on revenue of $138.5 million.
Vancouver, British Columbia-based Ritchie, which auctions trucks and other equipment, reports its earnings in U.S. dollars.
For the year, the company earned $91.5 million, or 85 cents a share, compared with $93.8 million, 88 cents, in 2013. Revenue rose 3% to $481.1 million and gross auction proceeds improved 10% to $4.2 billion.
“The 10% increase in gross auction proceeds . . . reflects a continuation of a five-year growth trend in our Canadian operations and positive momentum building in the U.S. business,” CEO Ravi Saligram said.
Ritchie announced separately on Feb. 27 that it sold more than C$84 million ($67 million) of equipment at its first 2015 auction, held in Edmonton, Alberta, Canada.
It said it was its largest ever Canadian auction held in February, and the two-day auction, held Feb. 25-26, attracted 8,700 bidders from 43 countries, including more than 5,250 online bidders.
The company said it sold more than 75 truck tractors, 55 crawler trackers, 40 boom trucks, 130 excavators and 380 trailers.
