Ritchie Bros.’ 3Q Profit Doubles
Ritchie Bros. Auctioneers said its third-quarter profit doubled from a year ago on higher truck and equipment auction revenue.
Net income rose to $16.4 million, or 15 cents a share, from $8.2 million, or 8 cents, a year ago. The Vancouver, British Columbia, firm reports its earnings in U.S. dollars.
Auction revenue rose 15% to $105.8 million, although gross auction proceeds declined 7% to $789.6 million. The proceeds decline was due primarily to the timing of auctions and a large one-time consignment in the previous year.
Ritchie Bros. describes itself as the world’s largest seller of used equipment for the construction, transportation, agricultural, material handling, energy, mining, forestry, marine and other industries.
