Ritchie Bros. Auctioneers Inc. (TSX,NYSE:RBA) reported a 33% increase in its quarterly earnings for its first quarter ending March 31, 2007, compared with the same period a year ago.
Net earnings rose to $17.6 million compared with $13.2 million in 2006's first quarter.
The Richmond-headquartered company stated that the strong quarterly performance was driven by a 24% increase in auction revenue from a comparable increase in gross auction sales.
Auction revenue rose to $69.4 million on gross auction sales of $700 million compared with revenue of $56 million on $571.5 million in gross auction sales in the first quarter of 2006.
The company held 32 unreserved industrial auctions in the quarter; four auctions set gross sales records. Ritchie Bros. also held the company's largest auction in February. It generated more than $172 million in sales at the company's permanent auction site in Orlando, Florida.
Ritchie Bros. said it expects to continue expanding the company; its administrative, support and sales teams; and the quantity and range of assets it sells.
As part of its ongoing succession plans, the company announced that it will re-establish the position of chief operating officer in early 2008 and appoint Robert Armstrong to that role. Armstrong is the company's CFO and corporate secretary.
Ritchie Bros.' share price range during the past week: between $65.60 and $67.65; 52-week high: $73.54; 52-week low: $53.55.