Ritchie Bros. Auctioneers Q4 Profit Rises; Results Top Estimates - Quick Facts

(RTTNews) - Ritchie Bros. Auctioneers Inc. (RBA, RBA.TO) announced fourth quarter of 2013 net earnings attributable to equity holders of the parent of $33.7 million or $0.31 per share, up from $22.1 million or $0.21 per share in the same quarter last year.

Excluding the after-tax effects of excess property sales and other non-recurring items, the Company generated fourth quarter adjusted net earnings attributable to equity holders of the parent of $30.3 million or $0.28 per share compared to adjusted net earnings of $22.4 million or $0.21 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues grew by 12% to $131.2 million from $117.1 million last year. Twelve analysts estimated revenues of $128.10 million for the quarter.

Gross auction proceeds or "GAP" were $1.1 billion during the fourth quarter of 2013, an 11% increase compared to the same quarter of 2012 and a record for the fourth quarter. This increase was due in part to the timing of some auctions that did not occur in the fourth quarter last year.

"Over the course of 2013, we maintained a disciplined approach to our underwritten business, the results of which bolstered our revenue rate to a record level for the fiscal year. We expect this ongoing strategy, combined with our continued focus on growing our sales team, will position us well in 2014 to capitalize on the improving mix and supply of used equipment coming to market," said Peter Blake, CEO of Ritchie Bros. Auctioneers.