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Ritchie Bros. sees double-digit profit gains as U.S. market gains

Last Updated Aug 9, 2018 at 6:40 pm EDT

People make their way through rows of heavy equipment during the Ritchie Bros. auction in Nisku, Alta., on April 26, 2016. THE CANADIAN PRESS/Codie McLachlan

VANCOUVER – Ritchie Bros. Auctioneers Inc. says it had double-digit profit and revenue growth in the second quarter compared to last year.

The Vancouver-based auctioneer, which reports in U.S. dollars, says it had $45.7 million or 42 cents per share in adjusted net income attributable to shareholders in the quarter, compared to $36.4 million or 33 cents per share in the same quarter last year.

Revenue for the quarter ending June 30 came in at $308.5 million, up from $252.6 million for the same quarter last year.

The company says revenue was up in part because of the acquisition of equipment seller IronPlanet that it completed partway through the second quarter last year.

Ritchie says business was up as it improved both live and online auction performance and had a higher-value equipment mix in both segments, with record online sales in the U.S.

Performance was tempered by continuing equipment supply constraints, and the reduction of live industrial on-site auctions and sales days compared with last year’s second quarter.

Companies in this story: (TSX:RBA)