Ritchie Bros. Reports Slight Drop in 1Q Income

Ritchie Bros. Auctioneers said it earned $16.4 million, or 16 cents per share, in the first quarter, down slightly from $17.6 million, or 17 cents, a year ago.

Gross auction proceeds rose 12% to $782 million, the company said in a statement.

Established in 1958, Ritchie Bros. said it is the world’s largest auctioneer of industrial equipment, including trucks, and operates in 110 locations in more than 25 countries.

It sold almost $140 million worth of trucks, equipment, and real estate in the quarter.

The company’s shareholders approved a three-for-one stock split last month.