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Ritchie Bros. posts 1Q profit, results top Wall Street estimates

BURNABY, B.C. – BURNABY, British Columbia (AP) _ Ritchie Bros. Auctioneers Inc. (RBA) on Monday reported first-quarter earnings of $29.4 million.

On a per-share basis, the Burnaby, British Columbia-based company said it had net income of 27 cents.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.

The heavy equipment auctioneer posted revenue of $131.9 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $115.4 million.

Ritchie Bros. shares have increased 21 per cent since the beginning of the year. The stock has climbed 14 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RBA at http://www.zacks.com/ap/RBA

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Keywords: Ritchie Bros., Earnings Report