Ritchie Bros. Auctioneers Q3 Profit Down 43%, But Adj. EPS Matches View

(RTTNews) - Ritchie Bros. Auctioneers Inc. (RBA, RBA.TO), an auctioneer of heavy equipment and trucks, announced a 43% fall in its third-quarter 2014 net earnings to $9.3 million, or $0.09 a share, from $16.3 million, or $0.15 a share, last year.

On an adjusted basis, net earnings amounted to $14.5 million, or $0.13 per share for the latest quarter. On average, 14 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.13 a share for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenue decreased 3% to $102.2 million, from $105.8 million last year, while it is above the $101.47 million Wall Street revenue expectation.

Adjusting items during the third quarter of 2014 are comprised of a $3.4 million gain or $2.9 million after-tax from the sale of land in Grande Prairie, Canada; and an $8.1 million non-cash charge or $8.1 million after-tax related to the impairment of real-estate assets in Narita, Japan, the company said.