Ritchie Bros. boosts revenues, doubles profit in 3Q

|  November 05, 2013 |

Ritchie Bros. Auction Orlando

A Ritchie Bros. auction in Orlando, Florida.

Ritchie Bros. Auctioneers announced today a sizable gain in revenues in the third quarter and a huge profit increase.

The company brought in auction revenues of $105.8 million. That’s a 15-percent increase from the same period last year. Meanwhile, profit grew 101 percent to $16.4 million.

When excluding the after-tax effects of excess property sales and other non-recurring items, adjusted profits are measured at $16 million, or a 65 percent increase over the same period last year.

Ritchie Bros. CEO Peter Blake said in a prepared statement that the company’s focus “remains squarely on growing revenue.”

“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,” Blake said. “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.”

The company also reported Gross Auction Proceeds of $789.6 million during the third quarter. That’s a 7-percent decrease compared to the same period in 2012 and was mainly due to “the timing of auctions and a large one-time consignment that occurred in the comparable period last year,” company reports.

In the first nine months of this year, Ritchie Bros. has sold more than $987 million worth of equipment, trucks and other assets online. That figure is 36 percent of the company’s Gross Auction Proceeds and Internet bidders comprise more than 50 percent of the company’s total bidder registrations in the third quarter.

The Ritchie Bros. website attracted about 4.7 million unique visitors in the first nine months of the year for a 15-percent increase over the same period in 2012.

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