Ritchie Bros earnings up 32%

Ritchie Bros. Auctioneers has reported a 32% increase in net earnings for the three months ended 31 March 2012, totalling US$ 18 million, compared to $13.6 million for the same period in 2011.

Auction revenue grew 14% to $101.3 million, up from $88.5 in Q1 2011, after it completed 38 unreserved industrial auctions in nine countries during the first three months of 2012. Gross auction proceeds for the quarter were $ 865 million, 2% higher than the same period in 2011.

"During the quarter we saw strong equipment pricing at our auctions and competition remained intense for good quality, low-hour used equipment. This was reflected in our at risk business, which remained above historic levels. We saw improving optimism among our customers and ongoing original equipment manufacturer backlogs have created pent up demand for new and near-new equipment, driving strength in the used equipment market. We remain confident that our performance for 2012 is on track with our plans," said Peter Blake, Ritchie CEO.

Ritchie Bros' online sales also showed strong growth. The company sold more than $275 million of equipment, trucks and other assets to online bidders during the first quarter of 2012, a 23% increase compared to the same period in 2011.