RERMAG

Third-Quarter Auction Business Blazes for Ritchie Bros.

Ritchie Bros. Auctioneers posted adjusted net earnings of $60.2 million for the first nine months of 2012, compared to $46.9 million for the same period in 2011, a 28-percent increase. For the third quarter, Ritchie’s adjusted net earnings rose 25 percent. For the nine months ended Sept. 30, gross auction proceeds were $2.9 billion, a 9-percent year-over-year increase. For the third quarter, gross auction proceeds jumped 26 percent compared to the third quarter a year ago, coming in at $848.5 million.

“During the quarter, we continued to see new equipment supply and demand becoming more balanced, contributing to rising new and used equipment inventory levels and a more predictable flow of used equipment to our auctions,” said Peter Blake, Ritchie Bros. CEO. “We are confident about our growth prospects for the remainder of 2012 and into 2013 as we believe the evolving market conditions are very favorable for our business.”

Ritchie Bros. sold more than $952 million of equipment, trucks and other assets to online buyers during the first nine months of 2012, a 24-percent increase compared to the first nine months of 2011 (about $770 million). Internet bidders comprised more than 50 percent of total bidder registrations at Ritchie Bros. industrial auctions during the first nine months of 2012. The company surpassed $1 billion in gross auction proceeds to online buyers during 2012.

To bid on equipment or for a complete schedule of Ritchie Bros.’ international auctions, visit www.rbauction.com.

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