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Ritchie Bros Auctioneers profit soars

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."

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