Ritchie Bros. Auctioneers, the world’s largest industrial auctioneers, recorded net earnings of $38.6 million for the second quarter, a 30-percent increase compared to net earnings of $29.8 million, generated in the second quarter last year. Second quarter revenues increased 11 percent to $141.8 million, compared to $128.3 million for the year-ago frame, as a result of an increase in gross auction proceeds.
For the first six months of the year, net earnings were $52.9 million, compared to $43.8 million a year ago, a 21-percent hike. First half revenues grew 4 percent to $240.4 million compared to $230.4 million a year ago.
“Our record second quarter revenue was bolstered by strong auction activity across North America, especially in Canada,” said chief financial officer Rob McLeod.
“Over the next several quarters, I look forward to focusing on how we can grow the Ritchie Bros. business and expand our market share by further penetrating our existing markets, with particular focus on the U.S. and Europe,” said new CEO Ravi Saligram. “I am also excited by our newly developed EquipmentOne solution, and plan to put a significant focus on evolving our strategy to achieve its full potential.”
During the second quarter, Ritchie Bros. conducted 68 unreserved auction in 14 countries in North America, Central America, Europe, the Middle East, Australia and Asia. Ritchie Bros. Auctioneers is based in Vancouver, B.C., Canada.