Ritchie Bros. sees Q4 earnings soar 53%; revenue 12% higher at US$131.2M

VANCOUVER – Ritchie Bros. Auctioneers (TSX:RBA) has reported a 53 per cent increase in fourth-quarter net earnings.

The industrial equipment auctioneer, which reported its results in U.S. dollars, said Monday it earned US$33.7 million or 31 cents per diluted share for the three months ended Dec. 31, up from US$22.1 million or 21 cents in the year-earlier period.

Revenue grew 12 per cent to a record $131.2 million from $117.1 million in the fourth quarter of 2012.

Excluding the after-tax effects of excess property sales and other non-recurring items, the company generated record fourth-quarter adjusted net earnings of $30.3 million or 28 cents per diluted share. That compared with adjusted net earnings of $22.4 million of 21 cents in the same quarter last year.

Full-year results showed net earnings of $93.8 million or 88 cents per share, up 18 per cent from $79.6 million or 74 cents in 2012.

Revenue in 2013 totalled $467.4 million, seven per cent higher than the $438 million generated in 2012.

“Over the course of 2013, we maintained a disciplined approach to our underwritten business, the results of which bolstered our revenue rate to a record level for the fiscal year,” chief executive Peter Blake said in a statement.

“We expect this ongoing strategy, combined with our continued focus on growing our sales team, will position us well in 2014 to capitalize on the improving mix and supply of used equipment coming to market.”