Ritchie Bros. Reports Q3 Results

November 6, 2015

Ritchie Bros. Auctioneers reported third-quarter revenue results of $109.3 million, a 7 percent increase compared to revenue of $102.2 million in the third quarter last year, and net earnings of $20.3 million, a 118 percent increase compared to $9.3 million and a 40 percent increase compared to Adjusted Net Earnings of $14.5 million in the third quarter last year.

Ritchie Bros. CEO Ravi Saligram attributed some of the company’s growth to acquiring a 75 percent stake in Xcira LLC, a simulcast auction technology platform.

“Nearly $1.7 billion of equipment and other assets sold through Ritchie Bros. auctions during 2014 transacted on Xcira's 'Online Ringman' software platform," Saligram said.