Ritchie Bros.’ profits dipped slightly in the fourth quarter of 2004, primarily because of a one-time charge to its income tax provision. Net earnings for the quarter were U.S. $11.3 million, or 33 cents per diluted share, down from $12.4 million for the fourth quarter of 2003. However, excluding the impact of the charge, net earnings would have been $12.6 million, 36 cents per share.
Gross auction revenues were $57.1 million for the quarter, up from $47.72 million in Q403. Net earnings for full-year 2004 were $34.9 million, compared to $36.6 million in 2003. Gross auction sales for the year were a record $1.79 billion, a 15 percent year-over-year increase. Auction revenues in 2004 were $182.3 million, a 13 percent year-over-year increase from 2003.
Ritchie Bros. held 147 industrial auctions in 10 countries in 2004, in North America, Europe, the Middle East and Australia. And the company opened sales offices or hired sales representatives for the first time in Tehran, Beijing, and New Delhi.
This week auctions will be held in Chicago; Fort Worth, Texas; and Moerdijk, The Netherlands. Customers can bid online at www.ritchiebros.com.