Ritchie Bros. Auctioneers announced net earnings of $79.5 million for the year ended Dec. 31, 2012, and adjusted net earnings of $82.6 million. This represents a 12-percent increase in adjusted net earnings from the previous year’s total of $73.6 million.
The company sold approximately $3.9 billion of equipment at 328 unreserved auctions around the world in 2012, setting company records. The $3.9 billion represents a 5-percent increase in gross auction proceeds over 2011, and the highest gross auction proceeds in company history.
"2012 was another year of volatility in the used equipment market. During the year, we saw competition remain strong, used equipment prices rise then flatten, and ultimately the supply and demand for used equipment became more balanced ," said Peter Blake, Ritchie Bros. CEO. "Our at-risk business experienced wide variations in performance but, for the year, it performed within our expectations.”