Business
Ritchie Bros Auctioneers profit soars
Oct 30, 2012 / 5:08 am
Ritchie Bros. Auctioneers Inc. (TSX:RBA) says its third-quarter profit was up sharply from the same time last year as revenue increased 16 per cent to a record $92.3 million.
The Vancouver-based company's net income was $8.2 million or eight cents per share and adjusted earnings were $9.7 million or nine cents per share.
By both measures, Ritchie's profit a year earlier was $6.5 million or six cents per diluted share.
The year-to-year increase was 25 per cent before adjustments and 48 per cent after adjustments.
The results met analyst estimates compiled by Thomson Reuters.
Ritchie Bros says gross proceeds from the auctions it organized $848.5 million, 26 per cent higher than in the same period in 2011.
"During the quarter we continued to see new equipment supply and demand becoming more balanced, contributing to rising new and used equipment inventory levels and a more predictable flow of used equipment to our auctions," said Peter Blake, the company's chief executive officer, said Tuesday.
"We are confident about our growth prospects for the remainder of 2012 and into 2013 as we believe the evolving market conditions are very favourable for our business."

Read more Business News

Today's Market
| S&P TSX | 12667.22 | +9.13 |
| S&P CDNX | 948.32 | +6.27 |
| DJIA | 15303.10 | +8.60 |
| Nasdaq | 3498.965 | +33.722 |
| S&P 500 | 1649.60 | -0.91 |
| Gold | 1389.30 | -2.70 |
| Lumber | 316.00 | -4.50 |
| Oil | 96.05 | -0.11 |
| Natural Gas | 4.22 | -0.041 |
| CDN Dollar | 0.9699 | N/A |
_
Okanagan Companies
| Sun Rype | 6.29 | +0.19 |
| Pacific Safety | 0.05 | -0.02 |
| Knighthawk | 0.02 | 0.00 |
| QHR Technologies Inc | 0.56 | -0.01 |
| Cantex | 0.015 | 0.00 |
| Anavex Life Sciences | 0.475 | -0.025 |
| Metalex Ventures | 0.08 | 0.00 |
| Russel Metals | 26.54 | -0.08 |
| Copper Mountain Mining | 1.73 | -0.02 |
| Colorado Resources | 1.53 | +0.08 |
| ReliaBrand Inc | 0.13 | 0.00 |
_

The most brilliant marketing strategyOwning a business is a daily battle. Customers reduce everything to the most easily comparable factors – apples to apples – and dollars per unit. Business owners must constantly strive to...
The Accidental RunI had a crazy thought a few years ago. I was in the lobby of a Church talking to Matt Blacklock. Matt is a friend and ultra-marathon runner who has tackled some of Canada’s toughest long distan...
John Thomson's I Didn't Know That!I vowed when I started this column twenty-five years ago that I wasn’t going to write about politics and I have held the line until today but this item is really about questions. I looked back o...
_
- Loonie heads lower
- Loonie takes a short dive
- Music industry biggies donate $70M
- IRS investigated for tea party targeting
- Loonie weakens as commodities fall
- The buck is up - a little
- Cheap deadly cars made in Brazil
- Bangladesh to raise wages
- Open for business
- 'Gatsby' earns $51.1M, 'Iron Man' $72.5M
- Chrysler recalls nearly 470,000 SUVs
- Bell not interested in selling more Astral
Showcase your business like no other marketing can and Join the growing number of businesses that get more customers.
Learn more here













