Ritchie Bros. Reports Q4 & Fiscal 2014 Results

February 27, 2015
  • Record quarterly and annual gross auction proceeds ("GAP")
  • Record fourth quarter and annual revenue
  • Fourth quarter diluted adjusted EPS of $0.31; diluted EPS of $0.27
  • 2014 adjusted diluted EPS of $0.94; diluted EPS of $0.85
  • New strategic plan revealed at Investor Day to reinvigorate revenue and earnings growth

Ritchie Bros. Auctioneers Inc. reported results for the three months and year ended Dec. 31, 2014. During the quarter, the company generated $138.5 million of revenue and adjusted net earnings of $33.5 million, an increase of 10 percent compared to adjusted net earnings of $30.3 million in the fourth quarter last year.

Diluted adjusted earnings per share were $0.31, a 10 percent increase compared to $0.28 in the same quarter last year. Adjusting items in the fourth quarter of 2014 are comprised of $5.5 million ($4.2 million after-tax) of costs related to the Company's previously announced management reorganization.

Net earnings for the fourth quarter of 2014 were $29.3 million, a 13 percent decrease from $33.7 million in the fourth quarter of 2013. Diluted earnings per share ("EPS") were $0.27, compared to $0.31 in the same quarter of 2013.

In the year ended December 31, 2014, the Company generated $481.1 million of revenue and adjusted net earningsof $100.8 million, or $0.94 per diluted share. This represents a 12 percent increase in adjusted net earnings and diluted EPS from 2013. Net earnings for 2014 were $91.5 million, or $0.85 per diluted share, a 2 percent decrease from net earnings of $93.8 million, or $0.88 per diluted share, in 2013.

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