Ritchie Bros. Auctioneers
Ritchie Bros. Auctioneers said its first-quarter profit increased from a year ago in part on favorable tax rate and foreign exchange gains.
Net income rose to $14.3 million, or 13 cents a share, from $14 million, or 13 cents, a year ago. The Vancouver, British Columbia, firm reports its earnings in U.S. dollars. Revenue declined 3% to $98.6 million.
“We are generally pleased with our performance during the first quarter, despite the weather challenges our customers faced in certain markets,” Ritchie CEO Peter Blake said in a statement.
The company’s gross auction proceeds increased 1% to $855.4 million in the first quarter due to an increased volume of underwritten business, according to the company.