Ritchie Bros. Auctioneers last week announced net earnings for the nine months ended Sept. 30 of U.S. $47.4 million, or $1.36 per diluted share, a nine-month performance record for the Vancouver, B.C.-based company. Adjusted net earnings for the first three quarters of 2006 were 31 percent higher than the comparable period in 2005.
Gross auction sales for the nine months ended Sept. 30 were a record $1.98 billion, a 32-percent increase over the comparable period in 2005. Auction revenues for the nine months were $190.3 million, a 25-percent jump from 2005.
During the nine-month period, Ritchie Bros. held 124 unreserved auctions at locations throughout North America, Europe, the Middle East, Australia, Asia and Mexico, up from 104 in 2005.
Gross auction sales for the third quarter were $580.3 million, the largest third-quarter gross auction sales in the company’s history. Auction revenues were $55.7 million for the third quarter, and net earnings were $9.7 million, or 28 cents per diluted share.
“We are starting to see some leveling of prices in our major markets from the aggressive pricing conditions that we experienced in recent quarters,” said Peter Blake, Ritchie Bros. CEO. “In general, resale values for both late model and older equipment have moderated, as supply and demand have come more into balance than they have been for some time. We expect that these market dynamics will continue to be positive for us and will provide continued opportunities for us to grow our business as we work with equipment owners.”
Ritchie Bros. is the world’s largest auctioneer of industrial equipment, operating through more than 110 locations in more than 25 countries. The company includes online bids at www.rbauction.com.
