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.
Ritchie Bros. describes itself as the world’s largest seller of used equipment for industries including construction, transportation, agricultural, material handling, energy, mining, forestry and marine.