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August 5, 2014 10:20 AM, EDT
Ritchie Bros. Profit Rises to $38.6 Million
Ritchie Bros. Auctioneers

Ritchie Bros. Auctioneers’ second-quarter profit increased from a year ago in part on favorable tax rate and strong sales in Canada, according to a company statement.

Net income rose to $38.6 million, or 36 cents a share, from $29.8 million, or 28 cents, a year ago. The Vancouver, British Columbia, firm reports its earnings in U.S. dollars. Revenue increased 11% to $141.8 million.

“Over the next several quarters, I look forward to focusing on how we can grow the Ritchie Bros. business and expand our market share by further penetrating our existing markets, with particular focus on the U.S. and Europe,” Ritchie CEO Ravi Saligram said in the statement.

The company’s gross auction proceeds increased 15% to $1.2 billion in the second quarter, according to corporate reports.

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.