Ritchie Bros. Auctioneers has announced first quarter adjusted net earnings at $18.0 million compared to adjusted net earnings of $13.6 million for the same quarter last year, representing a 32-percent increase in adjusted net earnings.
The company's auction revenues for the first quarter of 2012 grew 14 percent to $101.3 million compared to $88.5 million for the same period in 2011. Ritchie Bros. conducted 38 unreserved industrial auctions in nine countries throughout North America, Europe, the Middle East, Central America and Australia during the first quarter of 2012. For the three months ended March 31, 2012, gross auction proceeds were $865 million, 2 percent higher than the same period in 2011.
Ritchie Bros. First Quarter 2012 Financials
- Net earnings: $18.0 million
- Earnings per diluted share: $0.17
- Adjusted net earnings: $18.0 million
- Adjusted earnings per diluted share: $0.17